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What is demanddemand forecasting in supply chain?

Demand Forecasting, undeniably, is the single most important component of any organizations Supply Chain. It determines the estimated demand for the future and sets the level of preparedness that is required on the supply side to match the demand.

How can we reduce the demand forecasting error?

If the distance between the market and the point of sales is fixed, the demand forecasting error can be decreased by using more efficient and advanced demand forecasting methods. The actuality of the forecasting task has been evidently recognized and valued by top-level management [5].

Why is demand forecasting important for business?

Proper demand forecasting enables better planning and utilization of resources for business to be competitive. Forecasting is an integral part of demand management since it provides an estimate of the future demand and the basis for planning and making sound business decisions.

What is the role of demand forecasting in the pharmaceutical industry?

Petersburg Institute for Informatics and Automation of the Russian Academy of Science, 39, 14 Linia,St. Petersburg, 199178, Russia Abstract Demand forecasting plays a critical role in logistics and supply chain management. In the paper, state-of-art methods and key challenges in demand forecasting for the pharmaceutical industry are discussed.

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