What is demand forecasting? Explain how demand forecast is used as Planning Tool.
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⭐Demand Forecasting :
It is a technique for estimation of probable demand for a product or services in the future. It is based on the analysis of past demand for that product or service in the present market condition.Methods of Demand Forecasting.
⭐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.
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