Question 1

What is demand forecasting?

Accepted Answer

Demand forecasting is the process of predicting future customer demand for a product or service based on historical data, market trends, and various analytical methods.

Question 2

What are the main methods of demand forecasting discussed in the article?

Accepted Answer

The article discusses three main methods: econometric modelling, collaborative forecasting, and statistical forecasting techniques.

Question 3

How does econometric modelling contribute to demand forecasting?

Accepted Answer

Econometric modelling uses statistical methods to analyse economic indicators and relationships, providing insights into how various factors can influence demand.

Question 4

What role do stakeholders play in collaborative forecasting?

Accepted Answer

In collaborative forecasting, engaging stakeholders such as sales teams, suppliers, and customers helps gather diverse insights and improve the accuracy of demand predictions.

Question 5

Can statistical forecasting techniques be used across different industries?

Accepted Answer

Yes, statistical forecasting techniques can be applied across various industries to make informed predictions based on historical data and statistical analysis, allowing for tailored forecasting in different contexts.