Author : Hiranmayi Niranjan 1
Date of Publication :16th March 2022
Abstract: The basis of Supply Chain Management (SCM) starts with accurate demand forecasting as harmonizing demand and supply is at the genesis of any operational plan. These forecasts determine every aspect of an organization from resource allocation to finished product distribution planning. Undeniably, if the demand forecasts are faulty this will have a negative impact on the Supply Chain (SC) therefore on the profits of the organization. This paper designs a conceptual review for factors involved in recent forecasting methodologies. Although the existing research has analyzed many theoretical perspectives of Supply Chain forecasting, there is a scarcity of research in overcoming the shortcomings of normal distribution because with the invention of Big Data Analytics (BDA), this traditional method is becoming weaker. The review infers that there is much to be learned about structuring a hierarchy to best forecast hybrid decision-making problems. Moreover, forecasting strategies of producers and retailer sellers play a pivotal role for consensus forecasts, meanwhile the role of forecast horizon and frequency cannot be neglected. The research focuses on reviewing the latest forecasting methods to help guide practitioners when carrying out long-term forecasting strategies
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