Demand Forecasting
About Demand Forecasting
Demand
forecasting is the process of making estimations about future customer
demand over a defined period, using historical data and other
information.
It is a technique for estimation of probable demand
for a product or services in the future. It is based on the analysis of
past demand for that product or service in the present market condition.
Demand forecasting should be done on a scientific basis and facts and
events related to forecasting should be considered.
Why is Demand Forecasting important?
Demand
is the most important aspect for a business for achieving its objectives.
Many decisions of business depend on demand like production, sales,
staff requirement, etc. Forecasting is the necessity of business at an
international level as well as a domestic level.
Following is the significance of Demand Forecasting:
• Fulfilling objectives of the business
• Preparing the budget
• Taking management decision
• Evaluating performance etc.
Who should take the Demand Forecasting Exam?
• Logistics or SCM or sales professionals
• Business owners or Entrepreneurs
• Anyone who wants to assess their demand management skills
• SCM or Sales consultants
• Logistics or SCM or sales managers and senior executives
• Professionals working in outsourced companies responsible for Logistics or SCM or sales
• Individuals who encounter Demand forecasting within their day-to-day job
Demand Forecasting Certification Course Outline
1. Forecasting Demand
2. Just-in-time
3. Sales Forecasting
4. Demand Planning and Forecasting