Which of the following methods makes use of historical data and demand determinants to forcast demand?
Answers
Answer:
Demand forecasting is the art as well as the science of predicting the likely demand for a product or service in the future. This prediction is based on past behavior patterns and the continuing trends in the present.
Explanation:
Three General Types. Once the manager and the forecaster have formulated their problem, the forecaster will be in a position to choose a method. There are three basic types—qualitative techniques, time series analysis and projection, and causal models.
Answer:
❥Answer࿐
The major statistical methods used for demand forecasting are: Trend Projection Method: This method is useful where the organization has a sufficient amount of accumulated past data of the sales. ... Thus, the time series depicts the past trend and on the basis of it, the future market trend can be predicted.