what is demand forecasting? what are its various techniques. tell in brief. For 10 marks
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Demand forecasting is a field of predictive analytics which tries to understand and predict customer demand to optimize supply decisions by corporate supply chain and business management.
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The first approach involves forecasting demand by collecting information regarding the buying behavior of consumers from experts or through conducting surveys. ... The survey method is generally for short-term forecasting, whereas statistical methods are used to forecast demand in the long run.
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