Demand Forecasting Assignment
Making a prediction regarding the future demand in relation to a product is known as demand forecasting. Demand forecasting plays a very crucial role in regards to the process of making a plan and a decision irrespective of the firm’s current level. The truth is that all business plans are initiated with the demand forecasting. This is due to the fact that any investment or production schedule that is made is based on the demand forecast. Demand forecasting involves a continuous analysis of economic systems and system structures and implementing the policies. This analysis utilises many mathematical models and numerical methods. Understanding demand forecasting is difficult for students and hampers the completion of their assignments.