{"id":33123,"date":"2015-06-08T16:26:28","date_gmt":"2015-06-08T16:26:28","guid":{"rendered":"http:\/\/vskills.in\/certification\/blog\/?p=33123"},"modified":"2024-04-03T13:17:47","modified_gmt":"2024-04-03T07:47:47","slug":"demand-forecasting","status":"publish","type":"post","link":"https:\/\/www.vskills.in\/certification\/blog\/demand-forecasting\/","title":{"rendered":"DEMAND FORECASTING"},"content":{"rendered":"<p style=\"text-align: center\"><a ref=\"magnificPopup\" href=\"http:\/\/vskills.in\/certification\/blog\/wp-content\/uploads\/2015\/06\/DEMAND-FORECASTING.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-33357\" src=\"http:\/\/vskills.in\/certification\/blog\/wp-content\/uploads\/2015\/06\/DEMAND-FORECASTING.jpg\" alt=\"DEMAND FORECASTING\" width=\"259\" height=\"194\" \/><\/a><\/p>\n<p><strong>Introduction:<\/strong><\/p>\n<p>\u009bDemand is dependent on many factors like market trend, competition, business environment.\u00a0We cant predict exact demand. But using statistical tools, we can estimate demand, which can help us in production planning.<\/p>\n<p><strong>Objectives:<\/strong><\/p>\n<p>Long term objectives of demand forecasting are strategic planning, product planning, capacity and expansion planning, facility location and planning for research and development.<\/p>\n<p>Medium term objectives are production and layout planning, aggregate planning, sales and marketing plans, annual, quarterly or half-yearly cash budgeting and working and operating plans.<\/p>\n<p>Short term objectives are purchase planning, inventory plan, job scheduling, work force and employee planning.<\/p>\n<p><strong>Forecasting techniques:<\/strong><\/p>\n<ul>\n<li>\u009bDelphi<\/li>\n<li>\u009bNominal group technique<\/li>\n<li>\u009bopinion poll<\/li>\n<li>\u009bMoving average method<\/li>\n<li>\u009bTrend analysis<\/li>\n<li>\u009bTime series analysis<\/li>\n<\/ul>\n<p><strong>Delphi method:<\/strong><\/p>\n<p>The features are it is an attempt to develop forecasts through &#8220;group consensus&#8221;. The group size generally range from 7 to 10.<\/p>\n<p><strong>Nominal group technique:<\/strong><\/p>\n<p>\u009bIt is similar to Delphi, but here we ask experts to sit together and explain their perspective to others so that others can also give their opinion.\u00a0\u009bPeople frame their estimates individually, but thereafter they give justification for their opinion.<\/p>\n<p><strong>Opinion poll:<\/strong><\/p>\n<p>\u009bWe collect information about the issue from people using opinion poll.\u00a0\u009bWe may take interview, we may collect data using questionnaire, or we may organize meeting \/ conference to find opinion of people.\u00a0\u009bVariants of opinion poll are : focus group discussion which is used in marketing to know about consumer opinions.<\/p>\n<p><b>M<\/b><b>oving <\/b><b>average method:<\/b><\/p>\n<p>\u009bHere we take moving average of either 3 days or 5 days or 7 days and try to forecast using this moving average.\u00a0\u009bWe may also use smoothing to remove exceptional fluctuations Moving average is a case where data can be used to forecast on the basis of past trend.<\/p>\n<p><b>Trend Analysis:<\/b><\/p>\n<p>\u009b1. secular trend<\/p>\n<p>\u009b 2. cyclical fluctuation<\/p>\n<p>seasonal fluctuation<\/p>\n<p>random \/ irregular variations<\/p>\n<p><b>Time series Analysis:<\/b><\/p>\n<p>\u009bIn this method, we are using time as an independent variable and predict demand using this variable<\/p>\n<p><a href=\"http:\/\/www.vskills.in\/certification\/certifications\">Click here for government certifications<\/a><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Introduction: \u009bDemand is dependent on many factors like market trend, competition, business environment.\u00a0We cant predict exact demand. But using statistical tools, we can estimate demand, which can help us in production planning. Objectives: Long term objectives of demand forecasting are strategic planning, product planning, capacity and expansion planning, facility location and planning for research and&#8230;<\/p>\n","protected":false},"author":1184,"featured_media":33357,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_joinchat":[],"footnotes":""},"categories":[1560],"tags":[2042,2134,4288,2109],"class_list":["post-33123","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-arbit","tag-demand","tag-factors","tag-forecast","tag-measures"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>DEMAND FORECASTING - Vskills Blog<\/title>\n<meta name=\"description\" content=\"Objectives and methods of DEMAND FORECASTING. 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