Steps in Demand Forecasting

Demand Forecasting Demand forecasting is an important tool for the business to plan and execute its operations. By demand forecasting, we mean that the process of foreseeing the possible demand for the products or services that the business can offer. It is to be done systematically and as a step by step process. The important steps involved in forecasting process are:     Steps in Demand Forecasting Understand the objective of Forecasting Integrate demand planning and forecasting throughout the supply chain Identify the major factors that influence the demand forecast…

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