Lecture
This lecture covers types of models for prediction, including global models and a probabilistic approach. It explores the collaborative process of Sales and Operations Planning (S&OP) to optimize resource allocation and reduce the 'bullwhip effect'. The lecture delves into challenges, supply chain management, production optimization, and the importance of aligning functions for successful forecasting. It also discusses the impact of forecasts, decision-making power in S&OP sessions, and the analysis of new products. Various methods for inventory management, such as safety stocks, economic order quantity, and physical inventory management, are explained in detail with real-world examples and applications.