Demand Management Flashcards
what are the four elements of demand management
deciding on a demand trigger
integrating demand
influencing demand
prioritizing demand
what is deciding on demand trigger
consumption based
based on a drum beat
low variation
leadership desires predictability
based on history (Forecasting)
what is integrating demand
updating demand trigger data to better forecasting and planning
what is influencing demand
sales and marketing - shaping demand
closing the gap between forecast and plan
what is prioritizing demand
when capacity is insufficient
what is forecasting
predicting the future as accurately as possible
what are goals for demand
what you would like to happen
what is planning
responding to forecasts and goals
what are the forecast time horizons
short term
medium term
long term
what do you do in a short term forecast horizon
scheduling personnel, production and transportation
what do you do in a medium term forecast
determine future resource requirements to plan for purchasing, hiring and buying equipment
what do you do in a long term forecast
strategic planning for market opportunities, environmental factors, and internal resources
what is qualitative forecasting
forecasting based on experience, business understanding, and intuition
what is quantitative forecasting
forecasting using mathematical models and historical data to make forecasts
what tools can you use for quantitative forecasting
regression analysis
multiple regression
