Inventory Manager Question:

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Explain me what makes a good forecasting model?

Inventory Manager Interview Question
Inventory Manager Interview Question

Answer:

A good forecast model will have reasonable costs. the accuracy of its forecasts will allow good decision making. The model will have ample data available for its use and a relevant time span. The model finally will have a low interference level.

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Please explain do You Apply The Above Practices To All Parts Of Your Inventory (finished Goods, Raw Material, Works In Process And Spare Parts) And In All Organizational Entities?Explain me what makes EOQ work for inventory control?