Industry Terms
- Fixed Reorder Point
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In an Inventory control system, a predetermined order quantity of products delivered in a variable time frame is a fixed reorder quantity. Whenever the stock level reaches the fixed minimum inventory levels, a retailer reorders the stock of that particular product. Such a reordering point of products that is fixed previously is called a fixed […]
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- Forecast Bias
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The tendency to forecast higher or lower than the actual demand
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- Forecast Error
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Difference or error between forcasted value and actual demand
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- Forecasting
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Definition Forecasting in layman terms is planning for the future. Forecasting is a technique which signifies estimating for future needs of many aspects of the business. This could entail inventory forecasting, marketing budget, material planning for production and distribution and many more. Forecasting is carried out in small and medium organizations alike according to the […]
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