Demand Management: Forecasting Methods

This lecture covers the importance of demand management in production, focusing on forecasting methods to plan production and buffer stock against disruptions. It discusses the consequences, causes, and countermeasures of the bullwhip effect, using real-world examples like the Swiss watch industry. The instructor explains the characteristics of good demand forecasts, the steps involved in demand forecasting, and the different methods available, including quantitative and qualitative approaches. The lecture also addresses cognitive biases that can affect risk assessment in business decisions.