Forecasting demand is not a speculative practice in the unknown. This is essentially a reasonable judgment of the future prospects of market events based on scientific background. Explain the statement by elaborating various qualitative and quantitative methods of forecasting demand.
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Demand forecasting is a combination of two words; the first one is Demand and another forecasting. Demand means outside requirements of a product or service. In general, forecasting means making an estimation in the present for a future occurring event. Here we are going to discuss demand forecasting and its usefulness.
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