bef economics and demand forecasting importance
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Demand forecasting estimates future customer demand using historical data, guiding managers on pricing, growth strategies, and market potential. It is critical for production planning, sales forecasting, inventory control, and avoiding surplus production. Inadequate demand forecasting can lead to poor decision-making, negatively impacting costs, customer satisfaction, and profitability.
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bef economics and demand forecasting importance
- 1. Demand Forecasting Demand forecasting is the process of making estimations about future customer demand over a defined period, using historical data and other information Provides about business potential in their current market and other markets, so that managers can make informed decisions about pricing, business growth strategies, and market potential. Without demand forecasting, businesses risk making poor decisions about their products and target markets – and ill-informed decisions can have far-reaching negative effects on inventory holding costs, customer satisfaction, supply chain management, and profitability.
- 2. Importance of Demand Forecasting Production Planning Sales Forecasting Control of Business Inventory Control Growth and Long term investment program Economic Planning and Policy Making Avoiding Surplus and Inadequate Production Quality and Quantity Controls
- 3. Objectives of Demand Forecasting
- 4. Limitations of Demand Forecasting
- 5. Process of Demand Forecasting
- 6. Governing Factors of Demand Forecasting
- 7. Governing Factors of Demand Forecasting
- 8. Governing Factors of Demand Forecasting
- 9. Governing Factors of Demand Forecasting
- 10. Governing Factors of Demand Forecasting
- 11. Governing Factors of Demand Forecasting
- 12. THANK YOU