This Knowledge Check consists of questions designed to help you assess your comprehension of the information presented in this week's lesson.

Reflect on the lessons learned in the textbook and review supplemental resources (as needed).

Chapter 5 Forecasting

• Discuss the lessons learned about forecasting models.
• In your summary, discuss the different forecasting models and how these are used to forecast demand. Consider what models are appropriate for a new business versus an established business.
• Explain why a small and large company may elect to use one forecasting model over another; or a start-up company versus an established company may practice forecasting.

Chapter 6 Inventory Control Models

You are starting as a new inventory manager at a mid-sized manufacturing site. Your company has limited space for excess materials and the site deals primarily with dependent demand. You are considering making a change from using a standard materials requirements planning system to Just-In-Time (JIT)/ Kanban.

• Describe how this change could help the company to better control/manage its inventory.
• Discuss the benefits and risks of JIT and how the company can mitigate related risks.