Electricity Reserves Similar to Manufacturing Inventory Reserves Reports Forecast Errors Magazine

May 6, 2015 - PRLog -- The Union of Concerned Scientists recently noted that while a variety of facilities generate electricity, the location of these electricity generators – and their distance from end users – varies widely. Certain types of power plants, such as coal and nuclear power plants, have little short-term flexibility in adjusting their electricity output; it takes a long time to ramp up or down their electricity output. Other plants, such as natural-gas fired plants, can be ramped up very quickly, and are often used to meet peaks in demand. At any given time, there is also always a “reserve margin,” a specified amount of backup electricity generating capacity that is available to compensate for potential forecasting errors or unexpected power plant shutdowns. Electricity demand, supply, reserve margins, and the mix of electricity generating technologies is constantly monitored and managed by grid operators to ensure that everything runs smoothly. Manufacturers play a similar game with inventory. This is one of many features appearing in Forecast Errors Newsletter.

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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About Ultriva

Ultriva’s (http://www.ultriva.com) cloud-based platform leverages seamlessly integrates with leading ERP and MRP systems, to deliver an end to end pull based replenishment solution. Ultriva, based in Cupertino, CA, implements a global demand driven manufacturing model by providing full visibility, scheduling, and sequencing of production of customer orders. Ultriva was named one of the Great Supply Chain Projects of 2014 by Supply & Demand Chain Executive magazine and recently named one of 50 Best Supply Chain Blogs of 2014 by SupplyChainOpz. The company’s global footprint is increasing rapidly with implementations in wide variety of industry sectors and enterprises such as Magellan Aerospace, CareFusion, Emerson, Ingersoll Rand, McKesson, Triumph Group, Regal Beloit, Thermo Fisher, and more.   Follow Ultriva on Twitter at @Ultriva.

Ultriva, Inc.
www.ultriva.com
Cindy McGowan
Marketing Executive
cindym@ultriva.com
408-961-2495