Cupertino, CA -- (SBWIRE) -- 02/26/2015 -- Forecast Errors newsletter reported that, El Exito, the largest retailer of Colombia, awarded MIC "Best Supplier of the Year" in the category of textiles/clothing. MIC was selected amongst 500 companies, some of them extremely successful and that are known for their good practices in design, manufacturing, and distribution. While that is a significant accomplishment in and of itself, what is even more significant is how far MIC came along in total performance in just 18 months. MIC produces children's garments under licenses from companies like Disney and Mattel. When walking through the plant, one sees an amazing range of child favorites like Barbie, Mickey, Minnie, Hello Kitty, and Spiderman.
Forecast Errors, a weekly e-newsletter, sponsored by Ultriva, Inc. shares methods, modes, and tools used to inform Manufacturers' of Forecast Errors that they face on the manufacturing floor, and with a variety of supply chain industries. The newsletter explores forecast errors as the difference between the actual and predicted value. In the current issue, Forecast Errors argued that what separates best-in-class companies from those that struggle with accuracy is how they root out (and learn from) forecasting errors.
A forecast error is the difference between the actual and predicted value. The consequences are expensive inefficiencies that can be resolved with lean manufacturing technology.
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