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Demand Forecasting

demand forecasting

Demand forecasting is predicting future customer demand for products or services. It uses data and analysis to make these predictions, which help businesses plan better.

Why is Demand Forecasting Important?

Demand forecasting is important to efficient business operations:

  • Stock Management: Ensures enough stock is available.
  • Cost Efficiency: Reduces waste and saves money.
  • Pricing Strategy: Helps set suitable prices.
  • Business Planning: Guides long-term business strategies.

Types of Demand Forecasting

Different approaches to demand forecasting cater to different businesses’ needs:

  1. Qualitative: Uses expert opinions and market research.
  2. Quantitative: Relies on historical data and statistical methods.

Methods of Demand Forecasting

Several methods are used in demand forecasting to predict future needs accurately:

  • Survey Method: Gathers customer opinions.
  • Time Series Analysis: Looks at past sales data.
  • Causal Models: Considers factors like market trends and economy.

More Fulfilment Terms

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