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Normally, future inventory levels are not forecasted, it is a RESULT of a good inventory level Decisions, good Sales Forecast and a good purchase decisions.
So you need to be sure of using the Sales forecasting method and control Open To Buy and inventory levels will be as per your plan.
Best Wishes.
According to me ,forecasting is one of the most important aspects of any business that wants to maintain its competitive advantage. It is a statement about the future. Many businesses use forecasting in an effort to squeeze every last drop of profit out of a situation.
According to me, one must have a time horizon in their forecast, one must also realize that the accuracy of the forecast will diminish as the time horizon increases.
Choose a forecasting technique. there are numerous amounts of forecasting techniques that are being used today. It is extremely important for the forecaster to choose one that will best suit the needs of the forecast.
Gather and analyze relevant data . Before beginning any daunting task one must gather all relevant information that one needs in order to put it all together and make sense of it. In this stage the forecaster must also identify any assumptions that are made while preparing using forecast.
Prepare the forecast In such a technique that was decided in order to prepare the forecast for monitoring.
