Demand Forecasting
Demand forecasting is a process of predicting the future demand for a product or service using historical data and statistical models. It involves analyzing past sales data, market trends, economic indicators, and other factors that may affect demand. The goal of demand forecasting is to help businesses make informed decisions about production, inventory, and pricing to meet customer demand and maximize profits. Accurate demand forecasting can also help businesses reduce waste and optimize their supply chain management.
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