Author: litethousense

Introduction to Demand Forecasting: Demand forecasting is a combination of two terms: demand followed by the forecast. Demand is defined as the external requirements of a manufactured product or a usable service. Forecasting, in general, implies developing an estimate in the present for an activity that will take place in the future. All firms use these forecasts to shape their sales and marketing strategies. It makes a significant contribution to their profitability. Why Demand Forecasting: Demand forecasting is a strategy for predicting the future demand for a particular item or service. It is based on an in-depth examination of prior demand for…