Problem
Introduction
The following statement has been attributed to many, including Mark Twain and Yogi Berra: "Forecasting is difficult. Especially forecasting the future." Without a doubt, there are significant challenges involved in forecasting demand for new products, products with new features, and those with short life cycles. When lead times are long, the forecast horizon extends, resulting in even greater uncertainty and risk. As a result, flexibility and responsiveness are desired features of supply chains facing these challenges. However, there are costs associated with these features. The Global Supply Chain Simulation examines these issues and challenges you to find an appropriate balance between flexibility and cost.
Instructions
Read the instructions for the Global Supply Chain Simulation and complete the simulation itself. The estimated time required to complete the simulation is about 3 hours. Note: You will not have the ability to use "trial and error" techniques by repeating years with this simulation. Before you make decisions and advance the simulation, make sure you have analyzed all the material available and developed a plan for the first year. As you go forward, adjust your plan based on lessons learned in previous years.
Upon completion of the simulation, answer the following questions:
• What were the challenges?
• What strategies could be employed to reduce risk and costs?
• You may use screen captures from the simulation as appendices.
The response should include a reference list. Using one-inch margins, Times New Roman 12 pnt font, double-space and APA style of writing and citations.