Day: March 1, 2022

Demand forecasting is a proactive process that helps in determining what products are needed where, when, and in what quantities. There are a number of factors that affect demand forecasting. Some of the factors that influence demand forecasting are shown Read More …

Demand forecasting constitutes an important part in making crucial business decisions. The objectives of demand forecasting are divided into short and long-term objectives, which are shown in Figure-1: 1.Short-term Objectives: Include the following: Formulating production policy: Helps in covering the Read More …

Demand plays a crucial role in the management of every business. It helps an organization to reduce risks involved in business activities and make important business decisions. Apart from this, demand forecasting provides an insight into the organization‘s capital investment Read More …

Demand forecasting is the art and science of forecasting customer demand to drive holistic execution of such demand by corporate supply chain and business management. Demand forecasting involves techniques including both informal methods, such as educated guesses, and quantitative methods, Read More …

Forecasting is the process of making predictions of the future based on past and present data and analysis of trends. A common place example might be estimation of some variable of interest at some specified future date. Prediction is a Read More …

Employment of cross-functional teams to represent various stakeholder groups is highly recommended for the preparation of specifications, tender analyses, supplier audits and key performance setting. Leading teams, both internal and with External supplier involvement is an important aspect of contract Read More …

Post-contract activities include: Administration of the contract, including any subsequent agreed contract changes Continuous assessment of performance and re-assessment of risk within the contract Handling of stakeholder complaints Chairing any agreed supplier/buyer contract review meetings During this phase, some activities Read More …

The terms ―contract management‖ and ―contract administration‖ are often used synonymously. However, ―contract management‖ is commonly understood as a broader and more strategic concept that covers the whole procurement cycle including planning, formation, execution, administration and close out of a Read More …

Debriefing- is a process of (1) receiving an explanation, (2) receiving information and situationbased reminders of context. Debriefing of unsuccessful candidates in the tendering process must take place. It is a good practice to debrief unsuccessful tenderers. Advantages of debriefing Read More …