demand forecasting is not a speculative exercise into unknown. it is essentially a reasonable judgement of future probability of the market events based on scientific background.
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In Demand Forecasting, data, trends and other factors affecting demand for a product or service, are used to forecast demand for that product or service, for a particular period.
It is mainly used in production and inventory planning.
There are Qualitative and Quantitative methods of calculating Demand Forecasts. Post sales, a thorough follow up on forecast accuracy is carried out and steps taken to analyse and address major variations.
The more accurate the forecast, the better will be the inventory management and cash flow of the organisation.
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