Demand Forecasting

Forecasting is the prediction of demand for a good or service, for the forecast period, on the- basis of present and past behaviour patterns of some related events. It is often used to predict the growth in demand or sales growth, assess the possible market share and to gather information on proper product--mix. These forecasts help companies to reduce risk and uncertainty associated with such short run operational decision making. Overproduction and underproduction can be avoided in the near        future by these measures, Long run production decisions like purchase of plants, advertising of product, and major capital investments can be made with the help of forecasts.

A good forecast should be accurate, simple, economical, consistent and timely. A sound estimate of future demand should be based on adequate knowledge of relevant past. The forecast should be simple to understand, made within the allocated budget, and consistent with the objectives of the firm. It should be made within the time limit. 

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