GENERAL KNOWLEDGE

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: -Forecasting is a technique that uses historical data as inputs to make informed estimates that are predictive in determining the direction of future trends. Businesses utilize forecasting to determine how to allocate their budgets or plan for anticipated expenses for an upcoming period of time.

Detailed explanation-3: -Time-series Forecasting One of the most accurate techniques is the time-series method. This strategy uses historical data gathered either at particular times or during set periods. These forecasts look at the various patterns that occur over these time series and then use that information to predict future trends.

Detailed explanation-4: -Trend Projection Method: This method is useful where the organization has a sufficient amount of accumulated past data of the sales. This date is arranged chronologically to obtain a time series. Thus, the time series depicts the past trend and on the basis of it, the future market trend can be predicted.

Detailed explanation-5: -Quantitative forecasting models are used to forecast future data as a function of past data. They are appropriate to use when past numerical data is available and when it is reasonable to assume that some of the patterns in the data are expected to continue into the future.