Product Demand Forecasting
Product demand forecasting is the process of estimating future demand for a product or service. The purpose of demand forecasting is to enable companies to make informed decisions about production, marketing, and other strategic business activities.
There are a number of different methods that can be used for demand forecasting, including trend analysis, regression analysis, and time-series analysis. The choice of method will depend on factors such as the type of data available, the nature of the product or service, and the time horizon over which the forecast is being made.
Demand forecasting is an essential tool for businesses of all sizes. It can help them to avoid stock outs and excess inventory, while also ensuring that they are able to meet customer demand. By understanding future demand patterns, businesses can make more efficient use of their resources and better plan for growth.