Demand Forecasting: Meaning, Importance, Examples and Methods | Orderhive

Demand Forecasting is the scientific process of estimating the future demand for products in terms of quality, quantity, and driving factors. It also encompasses the desired features and suitability for its intended use. The use of end results generated from forecasting is done to calibrate the business processes and set targets for the sales teams. They will use the expected market demands to establish a performance benchmark, and this, in turn, creates goals for various teams, including manufacturing and support divisions. Planning includes measures to meet a particular set of situations so as to serve the company’s interests in the best way. They can be either positive or negative in nature.
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[@ntcuong01ct1]

Dear Friends, I understand that demand plan is the supply chain department's forecast based on sales history and market sensitivity, and it is used to counter the sale forecast from sales department, right ?.

[@sherifebrahim2167]

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