In the field of economics, the importance of the Demand Forecasting in Supply Chain has been of great importance. It has been a topic of discussion for ages now. When it comes to demand forecasting associated with the field of supply chain context, there are mainly three types you are going to come across. The first one is demand forecasting, which is a form of investigation of companies demanding for SKU or Item. It helps in including the current and even projected demand by the said industry.
Other types to consider:
Apart from demand forecasting, you have supply forecasting to consider here. It is mainly the collection of data associated with the present producers and suppliers. It will also talk about the political and technological trends, which can always address to affect the supply chain well. You can also catch up with price forecast as another type under supply chain category. Here, the information is firstly gathered and then analysed related to demand and supply. It helps in offering production of the long and short-term prices along with underlying reasons behind the trends.
Importance of demand forecasting:
The importance of the said demand forecasting can be available for short, term, midrange and even long term. Most of the time, the firms will use all three options together. The long-term will cover 3+ years and used for strategic issues and long-range planning. The midrange will be from 1 to 3 years and the short-term forecasting will be for the next several months.
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