Meaning of Demand Forecasting
Future is uncertain. There is great deal of uncertainty with regard to demand. Since the demand is uncertain, production, cost, revenue, profit etc. are also uncertain. Through forecasting it is possible to minimize the uncertainties.
Forecasting simply refers to estimating or anticipating future events. It is an attempt to foresee the future by examining the past. Thus demand forecasting means estimating or anticipating future demand on the basis of past data.
Demand forecasting is the scientific and analytical estimation of demand for a product (service) for a particular period of time. It is the process of determining how much of what products is needed when and where. It is an operations research technique of planning and decision making.
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