Question

How correlation helps in forecasting demand of a product?

Answer 1

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Demand means outside requirements of a product or service. In general , Demand forecasting reduces risk related to business activities and helps it to take efficient decisions.

Answer 2

By the use of the correlation method, one can find out the demand of a particular object in the future by the use of the statistical techniques.

Explanation:

• The future demand of the products can be determined by analyzing the present historical data and relating it with the future needs of the people.
• Through this, a correlation factor can be obtained which helps in identifying the accurate demands of the product in the near future.

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