GENERAL KNOWLEDGE

Detailed explanation-1: -Demand Forecasting is based on scientific methods and proper judgment in order to correctly predict the future demand for a product or service.

Detailed explanation-2: -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-3: -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-4: -Option (b) Critical path method is not the method of demand forecasting.