Differentiate between independent and dependent demand. Dependent dema

Question

Differentiate between independent and dependent demand. Dependent demand inventory items do not need to be forecasted. Why not? Explain with the help of examples.

29 Jul 2023

Answer :

Word Count : 539

Differentiation between Independent and Dependent Demand:

Independent Demand:
1. Definition: Independent demand refers to the demand for finished products or end items that are directly demanded by customers or external parties. It is not influenced by the demand for other items within the inventory system.
2. Nature: Independent demand is uncertain and is driven by various factors such as consumer preferences, market trends, seasonal variations, and external influences.
3. Forecasting: Since independent demand is not related to the demand for other items, it requires forecasting techniques to estimate future requirements. Demand forecasting methods like time series analysis, market research, and historical data analysis are used to predict independent demand.
4. Examples: Consumer goods like smartphones, apparel, automobiles, and electronic devices are examples of items with independent demand.

Dependent Demand:
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