Forecasting And Demand Planning Definition
Forecasting is the process of estimating future demand for a product or service. Demand planning is the process of aligning supply with demand. In other words, forecasting is used to estimate future demand and demand planning is used to ensure that there is enough supply to meet that demand.
There are many different methods that can be used for forecasting and demand planning. The most important part of the process is to choose the right method for your specific needs. Some common methods include:
– trend analysis
– regression analysis
– time series analysis
– causal modelling