BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Demand forecasting is the process of predicting future sales by using historical sales data to make informed business decisions about everything from inventory planning to running flash sales.

Detailed explanation-2: -Demand forecasting tries to project future demand for a product or service. Sales forecasting attempts to predict actual sales for a specific period.

Detailed explanation-3: -“Sales forecast is an estimate of sales during a specified future period, whose estimate is tied to a proposed marketing plan and which assumes a particular state of uncontrollable and competitive forces.”-

Detailed explanation-4: -Sales Forecasting or Demand Forecasting is the business function that attempts to predict sales and use of products so they can be purchased or manufactured in appropriate quantities in advance. In Supply chain management forecasts are used to make sure that the right product is at the right place at the right time.

Detailed explanation-5: -Demand forecasting is known as the process of making future estimations in relation to customer demand over a specific period. Generally, demand forecasting will consider historical data and other analytical information to produce the most accurate predictions.