#22 What is Demand Forecasting | Student Notes |

✅ 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 ✅

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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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What is Demand Forecasting

It is a process that involves a set of activities for estimating the demand of future based on past data and present circumstances. In other words, it means the prediction of the future demand of products and services that the organization is going to fulfill in the future. Prediction can be in terms of money or units.

Demand forecasting is a significant part of production management as planning, implementation, and control of Production, manpower, capacity, budget, etc. depends on it. It becomes difficult for the organization to manage its resources like men, material, machines, and money without estimation of future demand.

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