Question: QUESTION 3 ( 2 0 Marks ) Heizer and Render ( 2 0 1 4 : 1 4 0 ) define forecasting as the art

QUESTION

3 (20

Marks

)

Heizer and Render

(2014

140)

define forecasting as the art and science of predicting future events, enabling organisations to align demand and supply more effectively by understanding buying patterns. In the context of a steel manufacturing company, critically evaluate the strategic role of forecasting. Support your discussion with relevant examples and compare with practices in global organisations

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