The Rebound Podcast: Behavioral economics, or are your biases impacting your planning?

On this episode of The Rebound, we talk to Jonathan Karelse about how the biases we all bring to the job can lead out best laid plans astray.

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Listen in as Abe Eshkenazi and Bob Trebilcock talk to author Jonathan Karelse about behavior economics and the state of demand planning and forecasting on this episode of The Rebound.

The one thing we know for sure about a forecast is that it’s probably wrong. And, it’s not just weather forecasters. The best demand plans and forecasts are never on the mark. Or, as author Jonathan Karelse writes in his book “Histories of the Future,” for all the technological advances in the field, “forecasting remains the business of guessing….[ forecasts] will always be, to some extent, wrong.”

On this episode of the Rebound, Abe Eshkenazi and Bob Trebilcock talk to Karelse about the emerging field of behavioral economics and supply chain planning. While AI and Machine Learning are supposed to revolutionize the field, Karelse says that we will always need people to review and approve computer generated plans. And, when that happens, unconscious biases can often lead us to make assumptions that lead to planning errors unless we understand how our behavior can affect outcomes.  

Be sure to listen wherever you get your podcasts.

Click here to read The human touch in forecasting and demand planning, Jonathan Karelse’s article from the September 2021 issue of SCMR.

Click here to listen to another podcast with Jonathan Karelse.

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About the Author

Bob Trebilcock, MMH Executive Editor and SCMR contributor
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Bob Trebilcock is the editorial director for Modern Materials Handling and an editorial advisor to Supply Chain Management Review. He has covered materials handling, technology, logistics, and supply chain topics for nearly 40 years. He is a graduate of Bowling Green State University. He lives in Chicago and can be reached at 603-852-8976.

View Bob's author profile.

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