Question

Demand forecasting provides reasonable data for the organization's capital investment and expansion decision.

Answer 1

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Answer 2

It gives a way for formulation of suitable pricing and advertising strategies.

Explanation:

• Demand forecasting is significant for the preparation of a budget, fulfilling the objectives of the business, taking management decisions, and evaluating performances.  

• It helps in the evaluation of factors that affect the demands and enables the management of staff.

• The scope of demand forecasting depends on the areas within which a firm operates. Can be done at both international and domestic levels, with forecasts based on the time and economy.

• Thus they help to manage and optimize the levels of stocks in hand, for meeting the future requirement in order to schedule the plant or project on time.

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