Demand forecasting is the strategy of projecting the demand for goods and services over a specific period of time.What is forecasting techniques?
Time-series forecasting is a quantitative forecasting technique. It measures data gathered over time to identify trends. The data may be taken over any interval: hourly; daily; weekly; monthly; yearly; or longer. Trend, cyclical, seasonal and irregular components make up the time series.What are the three types of forecasting?
There are three types of forecasting 1.Qualitative or Judgmental methods 2.Extrapolative or Time series methods 3.Causal or Explanatory methods. 4. Rely on experts or managers opinion in making prediction for the future.Useful for medium to long range forecasting tasks.Provide a basis for some important decisions.What is unit demand forecasting?
Demand forecasting is a field of predictive analytics which tries to understand and predict customer demand to optimize supply decisions by corporate supply chain and business management.