forecasting and Inventory management

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Introduction

The topic on forecasting and Inventory management is one very important in today’s world. Forecasting is necessary to enhance organizations plan for future prospects. This topic as covered by Arapovic was well done. The study about forecasting was well covered as it involved all fields of business. This research was effective as it clarifies all the important ideas that an organization wants to know. As compared to what I had researched, I think ibro did not quite focus completely on forecasting as required. Ibro’s study aimed at giving fewer details and was supposed to concentrate on all details. This study was, however, not effectively researched and was not that much helpful. The study has, however, explained facts about forecasting and its importance to business today. This clearly states that businesses should consider forecasting as a way of planning for future success. Forecasting should be taken as a measure that identifies how fit the business is to conduct and compete with the others.

Inventory management is very important to an organization. For a company to forecast about its progress, then it must ensure that it keeps proper inventory. With the invention of technology, it has become very easy for organizations to manage their inventory. Manual, technology, or both methods should be used to manage inventory. The essay clearly states and clarifies the importance of inventory. This assay as compared to what I wrote seems to lack some aspects that I explained. However, the writer clearly makes it evident that profit of a company is dependent on the inventory. Each organization should realize that inventory is all what pertains the business and proper management should be enhanced. Inventory should be used as a means of security for the company. This is well explained in the essay written by Sam. Organizations should realize that proper management of inventory means that the supply chain and value chain of the organization increases. Management of inventory should be used by organizations as a measure of attaining success and making profit.

Conclusion

The use of forecasting should be encouraged in organizations. This makes it possible for companies to have a clear outline of what to expect and how to cope with the situation. This should be a practice that organizations do regularly to view their progress. Inventory management should also be encouraged in organizations. This helps the company realize what it has that can help the organization achieve success. Proper management of inventory should be encouraged.

References

McAuliffe, B. (2011). Forecasting. Mankato, MN: Creative Education.

Bose, D. C. (2006). Inventory management. New Delhi: Prentice Hall of India.