2023 Demand forecasting results in an estimate of future demand and gives an organization | Assignments Online

Demand forecasting results in an  estimate of future demand and gives an organization a basis for planning  and making sound business decisions. Since the future is unknown, it is  expected that some errors between a forecast and actual demand will  exist, so the goal of a good forecasting technique would be to minimize  the difference between the forecast and the actual demand.

Articulate the difference in short and long-term forecasts,  forecasting techniques, and the benefits and challenges of each  technique. Finally, create a forecast for a situation with which you are  familiar (personal or professional) explaining the situation and why  you chose the method of forecasting that you did