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What is Demand Forecasting Steps Explained about?

Demand forecasting involves predicting future sales of existing products. It is done through a multifunctional approach involving different departments to reach a consensus forecast. The key steps include selecting items and time horizon to forecast, choosing a forecasting model, gathering data, making the forecast, and validating results. There are two main approaches - qualitative using techniques like expert opinions, and quantitative using mathematical models like time series and regression analysis. Co

Author

RajuBhuiyan

Language

EN