Forecasting And Demand Management Definition

Forecasting and demand management definition:

Forecasting is the process of making predictions about future events based on past data and current trends. Demand management is the process of planning, controlling, and regulating the demand for a product or service in order to ensure that it meets customer needs.

The two terms are often used together because they are closely related. Forecasting is used to estimate future demand, while demand management is used to ensure that this demand is met. Together, these two processes help businesses to plan for the future and meet customer needs.