ENTREPRENEURIAL OPERATIONS
PRODUCTION PLANNING AND CONTROL
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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It uses a material’s historical consumption data and chooses the relevant forecasting model to predict the material’s future demand.
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Forecasting
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Sales and Operations Planning
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Demand Management
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Planned Independent Requirement
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Explanation:
Detailed explanation-1: -Demand forecasting is the process of using predictive analysis of historical data to estimate and predict customers’ future demand for a product or service. Demand forecasting helps the business make better-informed supply decisions that estimate the total sales and revenue for a future period of time.
Detailed explanation-2: -Historical data refers to any data that reflects past demand and supply patterns, such as sales records, customer orders, inventory levels, market share, prices, promotions, seasonality, and external factors. You need to gather enough data to cover a relevant time period and frequency for your forecast.
There is 1 question to complete.