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TRL3707 assignment 2 semester 1 2023
- Grado
- Institución
A well researched forecasting and management report for a grocery retailer .Pass guaranteed
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TRL3707ASSIGNMENT 2
SEMESTER 1
2023
Introduction: This report presents a forecasting and inventory
management plan for a grocery retailer in the context of the current
COVID-19 crisis and the potential future supply chain constraints. The
report will discuss the risks associated with holding excess inventory and
provide examples from the case study.
, Demand Forecast: To forecast demand, the grocery retailer can use
historical sales data from the past year, taking into account any seasonal
trends and adjusting for any changes due to the pandemic. Additionally,
the retailer can also consider the current market trends, such as the
increased demand for non-perishable goods and essential items. Based
on these factors, the retailer can estimate the expected demand for each
product category.
Inventory Management: To manage inventory, the retailer can
implement the following strategies:
Safety Stock: To ensure that the retailer has enough inventory to
meet unexpected demand or supply chain disruptions, a safety
stock should be maintained. The level of safety stock should be
based on the lead time for each product category and the level of
demand variability.
Just-in-Time (JIT) Inventory: The retailer can also implement JIT
inventory management, which involves ordering inventory only
when it is needed, and in the quantities required. This approach
can help reduce the risk of excess inventory and improve cash
flow.
1.1The importance of forecasting in achieving real-time output in
organisations –support your discussion with three relevant
examples
Forecasting plays a vital role in the success of any business, especially
in the grocery retail sector. It enables organizations to make informed
decisions based on predicted future demand, allowing them to optimize
inventory levels and meet customer demands efficiently.
Below are three relevant examples of the importance of forecasting in
achieving real-time output in organizations:
CHOOSE ANY 3
a) Accuracy in demand forecasting: By using historical data, statistical
analysis, and other forecasting methods, grocery retailers can predict
future demand with high accuracy. This helps retailers to plan and
allocate inventory effectively, reducing the likelihood of stock-outs or
overstocks.
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