By: Robert J. Bowman, SupplyChainBrain April 25, 2014
Demand forecasting would be a snap - if only people weren't involved.
Retailers and manufacturers struggle to match forecasts with actual purchasing patterns. Much of the time they fail Ė and, despite the growing sophistication of software and analytics tools, they donít seem to be getting much better at the task. One problem is the growing complexity of markets, products and consumer demand. But the biggest obstacle might be one thatís simply part of human nature: bias. In this episode, we hear from distinguished planning and forecasting expert Dr. Chaman L. Jain, professor of economics at St. Johnís University. He lays out some of the pitfalls that cause forecasters to deviate from the truth. And he offers some tips on how they can be avoided. Hosted by Bob Bowman, Managing Editor of SupplyChainBrain.
Look for the next episode of the podcast, which can be downloaded or streamed, every Friday on the SupplyChainBrain website.