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Demand Forecasting LSCM

Demand Forecasting LSCM

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Published by Niharika Jaiswal

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Published by: Niharika Jaiswal on Mar 21, 2010
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08/17/2011

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Demand Forecasting and Techniques
TR PANDEY
 
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 ³new´ vis-à-vis³well established´ products.5. Classification of products ±producer goods, consumer durables, consumer goods, services.6. Special factors peculiar to the product and the market ±riskand uncertainty. (eg., ladies¶ dresses)

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