The combination of quantitative and qualitative approaches is a method used by Unkhair's Student to

make more accurate forecasts. This involves combining quantitative data with qualitative insights from
beauty influencers or trendsetters to gain a comprehensive understanding of factors affecting demand.
Machine learning algorithms can analyze social media trends, engagement, and sentiment to forecast
demand. For example, Unkhair's Student can use machine learning to analyze social media data related
to cosmetic products, gauging the popularity and potential demand for those products.

Causal models explore cause-and-effect relationships to predict demand. For example, Unkhair's
Student can use weather forecasts to anticipate changes in demand, involving regression analysis to
quantify the relationships between different variables influencing demand. Scenario analysis involves
creating multiple scenarios based on different assumptions to assess a range of possible outcomes. This
allows the student business to develop strategies to adapt to different demand scenarios and make
informed decisions.

The operational approach to inventory turnover rate provides insights into future demand. For example,
Unkhair's Student can calculate the inventory turnover rate for a specific cosmetic product, representing
how quickly it is being sold. A high turnover rate may indicate strong demand, while a low rate may
suggest the product is not as popular. Regular monitoring and analysis of these rates can help the
student business adjust inventory levels and marketing strategies to meet changing demand patterns
efficiently.