Senior Demand Planner
Senior Demand Planner Interview Questions and Answers
Q1. If you do mistake in forecast thats instead of 200 you put 2000 , what will you do
I would analyze the impact of the mistake on the overall forecast accuracy and take corrective actions to adjust the forecast accordingly.
Analyze the impact of the mistake on the forecast accuracy
Identify the root cause of the mistake (e.g. data entry error, system glitch)
Adjust the forecast by correcting the error and reevaluating the demand drivers
Communicate the revised forecast to stakeholders to ensure alignment
Q2. Which according to you is important among the both accuracy or bias if you have to select in them
Accuracy is more important than bias in demand planning as it ensures the forecast is as close to the actual demand as possible.
Accuracy ensures that the forecast is as close to the actual demand as possible, leading to better inventory management and customer satisfaction.
Bias can lead to consistently overestimating or underestimating demand, resulting in excess inventory or stockouts.
In demand planning, the focus should be on improving accuracy through data analysis, foreca...read more
Q3. What is difference between forecast accuracy and bias?
Forecast accuracy measures how close the forecast is to actual results, while bias measures the tendency of the forecast to consistently over or under predict.
Forecast accuracy is the measure of how close the forecasted values are to the actual values.
Bias is the tendency of the forecast to consistently over or under predict the actual values.
Forecast accuracy is typically measured using metrics like Mean Absolute Percentage Error (MAPE) or Mean Absolute Error (MAE).
Bias can ...read more
Q4. What are important factor in demand planning
Important factors in demand planning include historical data analysis, market trends, collaboration with sales and marketing teams, and accurate forecasting.
Analyzing historical data to identify patterns and trends
Monitoring market trends and changes in consumer behavior
Collaborating closely with sales and marketing teams to gather insights and align strategies
Utilizing accurate forecasting methods to predict future demand
Considering external factors such as seasonality, prom...read more
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