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* **Planning:** This involves forecasting demand, planning production, and managing inventory levels. A well-defined plan ensures that the right products are available at the right time and in the right quantities. Planning in **supply chain management** also includes strategic decisions about sourcing, manufacturing, and distribution. Companies must forecast demand accurately to avoid stockouts or excess inventory. This requires careful analysis of market trends, historical data, and other factors. Furthermore, effective planning integrates various functions within the organization, such as sales, marketing, and operations, to align goals and optimize performance.
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