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What is Forecasting

What is Forecasting

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Published by PRIYANK

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Published by: PRIYANK on Apr 02, 2011
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08/15/2011

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DEMAND FORECASTINGShobhit Kumar 
 
WHAT ISWHAT ISFORECASTING?FORECASTING?
FORECASTING consists of a variety of processes for identifyingFORECASTING consists of a variety of processes for identifyingwhat possible futures could happen.what possible futures could happen.
Acc. To Henry Fayol ³ Both to assess the future and makeAcc. To Henry Fayol ³ Both to assess the future and makeprovision for it, that is forecasting it self action already´.provision for it, that is forecasting it self action already´.
In terms of Marketing : it is concerned with the sales forecast isIn terms of Marketing : it is concerned with the sales forecast isan estimate of the amount of unit sales for a specified future periodan estimate of the amount of unit sales for a specified future periodunder the proposed marketing plan or program.under the proposed marketing plan or program.
 
DEMAND FORECASTINGDEMAND FORECASTING
Forecasting of demandisthe art of predicting demandfor a product or service atsome future date on the basisof certain present and pastbehaviour patterns of somerelated events.

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