What is demand forecasting enumerate the various methods of demand forecasting?
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Definition: Demand Forecasting is a systematic and scientific estimation of future demand for a product. Simply, estimating the sales proceeds or demand for a product in the future is called as demand forecasting.
There are several methods of demand forecasting applied in terms of; the purpose of forecasting, data required, data availability and the time frame within which the demand is to be forecasted. Each method varies from one another and hence the forecaster must select that method which best suits the requirement.
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There are several methods of demand forecasting applied in terms of; the purpose of forecasting, data required, data availability and the time frame within which the demand is to be forecasted. Each method varies from one another and hence the forecaster must select that method which best suits the requirement.
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