• Demand Forecasting

    Demand Forecasting includes estimation of the demand for a particular product/service in future which also plays an important role while finalizing the operation management plan.

    Main features of Demand Forecasting

    • Demand Forecasts mostly are done for a future period and are referred as ex-ante forecasts.
    • Demand forecasts are for different market segments to get the clear picture and plan the operations accordingly
    • Demand forecasting is very important as all the future operations plan for resources, raw materials, finished products and cash etc. depend on the demand forecasting

    Correct demand forecasting helps the companies to plan its operations management properly where too much deviations of actual demand from the forecasted demand can cause huge pain for an organizations. Higher deviation leads to raw material supply mismatch, lower resource utilization and lower or excess production of finished goods which can increase the waste.

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