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Demand forecasting is the process of estimating the future demand for a product or service over a specific period of time. It involves analysing past sales data, market trends, customer behaviour, economic conditions, and other relevant factors to predict future requirements. In Operations Management, demand forecasting plays a crucial role as it helps organisations make effective decisions regarding production planning, inventory control, capacity utilisation, workforce management, and resource allocation. The main objective of demand forecasting is to reduce uncertainty about future demand and ensure that the right quantity of products is produced at the right time. Accurate forecasts enable organisations to balance supply and demand, avoid excessive inventory _____ _________ __________ ___ ____.
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