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Which is an example of the importance of forecasting?
The main output required from forecasting is the determination of how many products will be bought by customers. Acquisition of too much raw materials may result from an overly optimistic forecast while a too low forecast may not match customer’s demands and lead to lose of customers (Burt et al, 2010).
What is the scientific basis of forecasting marketing essay?
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Why is forecasting important in supply chain management?
A forecast should be reviewed regularly by the management in order not to be static. The reason for this is to enable the inclusion of information on the future trends, external or internal environment to give a more accurate forecast. Having an accurate forecast is very important task in supply chain management.
When do sales forecasts need to be done?
Sales forecast should be conducted regularly and all the forecasting results need to be measured , so that the future methods can be adjusted if necessary . Before the forecasting process begins marketing , sales or other managers should determine how far ahead the forecast should be done .
Last Update: Oct 2021
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