What is demand forecasting operations management/ how do you select a suitable forecasting technique? Explain various forecasting models that you have studied in this course.

Demand forecasting in operations management refers to the process of estimating future customer demand for a product or service over a specific period. It plays a crucial role in strategic planning, production scheduling, inventory management, and resource allocation. Accurate demand forecasting helps businesses optimize costs, reduce waste, and improve customer satisfaction by ensuring product availability.

Selection of a Suitable Forecasting Technique

Choosing an appropriate forecasting technique depends on several factors, including the nature of the business, historical data availability, forecast horizon, and the purpose of forecasting. The following ______ __________ __________ ______ _______ _________.
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