#25 Types of Demand Forecasting | Student Notes |

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✅ What is Demand Forecasting ✅

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✅ Importance of Demand Forecasting ✅

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✅ Factor Affecting Demand Forecasting ✅

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✅ Types of Demand Forecasting ✅

   • #25 Types of Demand Forecasting | Stu...  

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✅ Fishbone Diagram ✅

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✅ Check sheet ✅

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✅ Flow Chart Diagram ✅

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✅ Pareto chart Diagram ✅

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✅ Control Chart Diagram ✅

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✅ Scatter Diagram ✅

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✅ Histogram Diagram ✅

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00:00 Intro
00:29 Passive demand forecasting
01:50 Active demand forecasting
02:24 Short-term demand forecasting
03:17 Long-term demand forecasting
04:27 Internal Demand Forecasting
05:08 External Demand Forecasting

Types of Demand Forecasting

1.) Passive demand forecasting
2.) Active demand forecasting
3.) Short-term demand forecasting
4.) Long-term demand forecasting
5.) Internal Demand Forecasting
6.) External Demand Forecasting

1.) Passive demand forecasting

It does not require deep knowledge of statistical methods to calculate future demand. This method needs a lot of historical data past sales data to predict future sales demand. Management can compare the data period to period and season to season. This method fits the business that wants to maintain stability rather than pursuing growth.

2.) Active demand forecasting

Active demand forecasting is used by the industries that are new in the market (no historical data) or currently in a growth phase. An active demand forecasting model help to study marketing or product development, competitive environment, economic environment, expansion plans, etc.

3.) Short-term demand forecasting

Forecasting that falls under the period of one year is known as short-term demand forecasting. It involves decisions related to day-to-day working. It covers policies relating to sales, purchases, pricing, and finances that will ultimately assist in managing the supply chain and responding the customer demand quickly.

4.) Long-term demand forecasting
5.) Internal Demand Forecasting
6.) External Demand Forecasting