Demand forecasting is aprocess ofO a. Estimation of previousyear demand based oncurrent datab. Estimation of futuredemand based on pastand present dataO c. Prediction of pastdemand based onfuture datao d. Prediction of last yeardemand using pastdata

Demand forecasting is the process of making guesses about future customer demand over a defined…

Answered: Demand forecasting is a process of

Business

Operations Management

Demand forecasting is a process of

Contemporary Marketing

18th Edition

ISBN:9780357033777

Author:Louis E. Boone, David L. Kurtz

Publisher:Louis E. Boone, David L. Kurtz

Chapter14: Pricing Strategies

Section14.2: Forecasting Demand

Problem 1LO

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Concept explainers

Forecasting

Forecasting is a methodology that uses historical data as inputs to make well-informed predictions about the course of future trends. Forecasting is the method of making forecasts based on historical and current data, most commonly by trend analysis. In the business world, forecasting is a basic statistical task. Forecasting is used by businesses to decide how to allocate their budgets or prepare for expected expenditures in the future. Forecasts help managers formulate and execute production plans by providing forecasts. The primary goal of forecasting is to make accurate predictions.

Question

Demand forecasting is a
process of
O a. Estimation of previous
year demand based on
current data
b. Estimation of future
demand based on past
and present data
O c. Prediction of past
demand based on
future data
o d. Prediction of last year
demand using past
data

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