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Transcript of Let Forecasting Be The Solution Forecasting Be the Solution.pdfLet Forecasting Be The Solution . 1 ....

Page 1: Let Forecasting Be The Solution Forecasting Be the Solution.pdfLet Forecasting Be The Solution . 1 . 2 . Definition. FORECASTING IS THE PROCESS OF MAKING PREDICTIONS OF THE FUTURE

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Let Forecasting Be The

Solution

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Page 2: Let Forecasting Be The Solution Forecasting Be the Solution.pdfLet Forecasting Be The Solution . 1 . 2 . Definition. FORECASTING IS THE PROCESS OF MAKING PREDICTIONS OF THE FUTURE

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Definition

FORECASTING IS THE

PROCESS OF MAKING

PREDICTIONS OF THE

FUTURE BASED ON PAST

AND PRESENT DATA

AND TRENDS….

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Page 3: Let Forecasting Be The Solution Forecasting Be the Solution.pdfLet Forecasting Be The Solution . 1 . 2 . Definition. FORECASTING IS THE PROCESS OF MAKING PREDICTIONS OF THE FUTURE

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We rely on forecasting every day...

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Page 4: Let Forecasting Be The Solution Forecasting Be the Solution.pdfLet Forecasting Be The Solution . 1 . 2 . Definition. FORECASTING IS THE PROCESS OF MAKING PREDICTIONS OF THE FUTURE

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It helps us plan ahead…

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Will it rain?

Can we

go

skiing

this

weekend

?

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Forecast can keep us from danger..

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Page 6: Let Forecasting Be The Solution Forecasting Be the Solution.pdfLet Forecasting Be The Solution . 1 . 2 . Definition. FORECASTING IS THE PROCESS OF MAKING PREDICTIONS OF THE FUTURE

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It can save our lives….

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Plans, Budgets, & Forecast, oh

my..

• Forecasts & Budgets may look the

same…

• But how we use them is quite different.

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Main Differences

Budget

• It is where you want to go…

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Main Difference Forecast

• It is where you are going

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The course you have chosen…

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Where are you going?

g.

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Page 13: Let Forecasting Be The Solution Forecasting Be the Solution.pdfLet Forecasting Be The Solution . 1 . 2 . Definition. FORECASTING IS THE PROCESS OF MAKING PREDICTIONS OF THE FUTURE

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Running a business

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Page 14: Let Forecasting Be The Solution Forecasting Be the Solution.pdfLet Forecasting Be The Solution . 1 . 2 . Definition. FORECASTING IS THE PROCESS OF MAKING PREDICTIONS OF THE FUTURE

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Running a business

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Objectives of demand forecasting

• Important to satisfy customers

• Minimize inventory costs

• Optimize cash flow.

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Satisfy Customers

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Meet your customers’

expectations….

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Minimize Inventory Costs

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Don’t be wasteful….

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Optimize Cash Flow

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Commodity Calculator/Forecasting

Tool

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Help Aids for Forecasting

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Page 21: Let Forecasting Be The Solution Forecasting Be the Solution.pdfLet Forecasting Be The Solution . 1 . 2 . Definition. FORECASTING IS THE PROCESS OF MAKING PREDICTIONS OF THE FUTURE

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Help Aids for Forecasting

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One state’s point of view…

• “Don’t know how they would function

without forecasting”.

• They are 100% demand driven on brown

box by what the RA’s request.

• Track how much the school districts are

using and take this into their plan when

ordering for the following year.

• Efficiencies have increased by 80% since

they began forecasting.

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Information from the National Food

Management Institute on Forecasting

Benefits

• Analyzing current and historical data

• Predicting and estimating for coming year

• Forecasting allows procurement plans to evolve each year

• Ensures only responsive suppliers can meet needs

• Inventory Controls

• Menu items available

• Distributors and manufacturers need adequate time to

receive product

• Proprietary products

• Good practice-minimum of six weeks in advance

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As a manufacturer, forecasting

• Creates efficiencies

• Availability of product

• to avoid shortages

• ensure on-time deliveries

Helps us know what you want

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Tell us what you think….

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