Demand Forecasting

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Capacity Management > Forum > Demand Forecasting

Demand Forecasting
Anold Anopa Zezai, Student (University), Zimbabwe, Member
CONCEPT, SIGNIFICANCE, OBJECTIVES AND FACTORS An organization faces several internal and external risks, such as high competition, failure of technology, labor unrest, inflation, recession, and change in government laws. (PESTEL) Therefore, most of the business decisions of an organization are made under the conditions of risk and uncertainty. An organization can lessen the adverse effects of risks by determining the demand or sales prospects for its products and services in future. Demand forecasting is a systematic process that involves anticipating the demand for the product and services of an organization in future under a set of uncontrollable and competitive forces. DEMAND FORECASTING DEFINITION Popular definitions of demand forecasting are as follows: According to Evan J. Douglas, "Demand estimation (forecasting) may be defined as a process of finding values for demand in future time periods." In the words of Cundiff and Still, "Demand forecasting is an estimate of sale (...) Read more? Sign up for free
 

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