Product Demand Forecasting Task

A Product Demand Forecasting Task is a forecasting task of estimating the quantity of a product or service that consumers will purchase.

Counter-Example(s):
- a Revenue Forecasting, for a more sales-forward business.
See: Market Entry, Test Market, Pricing.

References

(Wikipedia, 2023) ⇒ https://en.wikipedia.org/wiki/Demand_forecasting Retrieved:2023-8-15.
- Demand forecasting refers to the process of predicting the quantity of goods and services that will be demanded by consumers at a future point in time. More specifically, the methods of demand forecasting entail using predictive analytics to estimate customer demand in consideration of key economic conditions. This is an important tool in optimizing business profitability through efficient supply chain management. Demand forecasting methods are divided into two major categories, qualitative and quantitative methods. Qualitative methods are based on expert opinion and information gathered from the field. This method is mostly used in situations when there is minimal data available for analysis such as when a business or product has recently been introduced to the market. Quantitative methods, however, use available data, and analytical tools in order to produce predictions. Demand forecasting may be used in resource allocation, inventory management, assessing future capacity requirements, or making decisions on whether to enter a new market.

(Wikipedia, 2015) ⇒ http://en.wikipedia.org/wiki/demand_forecasting Retrieved:2015-7-13.
- Demand forecasting is the activity of estimating the quantity of a product or service that consumers will purchase. Demand forecasting involves techniques including both informal methods, such as educated guesses, and quantitative methods, such as the use of historical sales data or current data from test markets. ...