MGT405 Lecture Notes - Lecture 9: Rand Corporation, Time Series, Polyethylene
Document Summary
9. 5 methods of demand forecasting for established products. 9. 6 methods of demand forecasting for new products. After having studied this lesson you should be able: to familiarize the meaning and objectives of demand forecasting, to identify the factors that affects the demand forecasting, to know about the various methods of demand forecassing. Today business enterprises are working under the conditions of uncertainties. Uncertainties can be minimized through planning and forecasting. The success of a business firm depends upon its ability to forecast future events. There is great deal of uncertainty with regard to demand. Since the demand is uncertain, production, cost, revenue, profit etc. are also uncertain. Through forecasting it is possible to minimise the uncertainties. This watermark does not appear in the registered version - http://www. clicktoconvert. com. Forecasting simply refers to estimating or anticipating future events. It is an attempt to foresee the future by examining the past.
