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Demand Forecasting ME

Demand Forecasting ME

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Published by: y2k56000 on Dec 18, 2009
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12/17/2009

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Demand Forecasting
General considerations:
1.
Factors involved in demand forecasting
2.
Purposes of forecasting
3.
Determinants of demand
4.
Length of forecasts
5.
Forecasting demand for new products
6.
Criteria of a good forecasting method
7.
Presentation of a forecast to the management
8.
Role of macro-level forecasting in demand forecasts
9.
Recent trends in demand forecasting
10.
Control or management of demand
Methods of demand forecasting
Approach to forecasting
 
 
Demand Forecasting
Accurate demand forecasting is essential for a firm toenable it to produce the required quantities at the righttime and arrange well in advance for the various factorsof production, viz., raw materials, equipment, machineaccessories, labour, buildings, etc.In a developing economy like India, supple forecastingseems more important. However, the situation ischanging rapidly.The National Council of Applied Economic Research.
Factors involved in Demand Forecasting
1.How far ahead?a. Long term – eg., petroleum, paper, shipping. Tacticaldecisions. Within the limits of resources already available.b. Short-term – eg., clothes. Strategic decisions. Extending or reducing the limits of resources.
 
 
Factors involved in Demand Forecasting
2.
 
Undertaken at three levels:
a.
Macro-level
b.
Industry level eg., trade associations
c.
Firm level3. Should the forecast be general or specific (product-wise)?4. Problems or methods of forecasting for “new” vis-à-vis“well established” products.5. Classification of products – producer goods, consumer durables, consumer goods, services.6. Special factors peculiar to the product and the market –risk and uncertainty. (eg., ladies’ dresses)

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