Managing demand variability is a critical component of successful demand planning, inventory optimization, improved manufacturing efficiency and many other core functions within orthopedic device companies and contract manufacturers. Many companies struggle with forecasting and implement expensive technology to forecast better. Yet, they end up with disappointing results. Forecasting is just one way to deal with demand variability and, if done poorly, can make things worse. A better approach is to make the production-inventory system more robust, considering the variability that is always there. This session shows how operations science provides strategies for managing demand variability and provides examples designed to help your business succeed.
Learning Objectives:
• Understand the basics of operations science as applied to managing demand variability
• Learn about common forecasting mistakes — and how to avoid them
• See examples of successful demand management and learn strategies for the same
