All rights reserved.In today’s business scenario, different business decisions are aimed at satisfying various needs and desires of society by determining future demand. Also, there is a necessity for the right decision-making in a dynamic and competitive market. These are only possible if the right planning is done for business activities and decisions are taken based on the accuracy of future demand. So, demand is considered an important element to fulfill business goals. Optimum utilization of available resources to meet such demands is only possible once the proper understanding of the demand is there and it is predicted with the required accuracy level. So, we can say that to initiate any business activity, prediction, or forecasting of the demand (demand forecasting) is considered the first stage and further, plans are made to meet the demand.
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