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Questions and Answers
What does Demand Forecasting involve?
What does Demand Forecasting involve?
- Measuring the general economic environment
- Estimating future demand based on market information and past demand (correct)
- Analyzing current demand for a product or service
- Predicting the national income and employment levels
What is the meaning of Forecasting in the context of Demand Forecasting?
What is the meaning of Forecasting in the context of Demand Forecasting?
- Predicting short-term demand changes
- Estimation in the present for a future occurring event (correct)
- Analyzing historical market trends
- Extrapolating past demand data
What does Macro-level forecasting primarily deal with?
What does Macro-level forecasting primarily deal with?
- General economic environment and national income (correct)
- Market trends and consumer behavior
- Specific industry demand
- Index of Industrial Production (IP) and employment levels
What does Industry level forecasting focus on?
What does Industry level forecasting focus on?
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What are the two types of forecasting mentioned in the text?
What are the two types of forecasting mentioned in the text?
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Study Notes
Demand Forecasting
- Involves predicting future demand for products or services based on historical data, market trends, and other relevant factors.
Forecasting
- Predicting future events based on past data and current trends.
- In the context of Demand Forecasting, it focuses on predicting the amount of products or services that will be demanded by consumers in the future.
Macro-Level Forecasting
- Forecasts at the national or global level.
- Primarily deals with predicting economic indicators like GDP growth, inflation rates, and unemployment rates.
Industry Level Forecasting
- Forecasts for specific industries, such as automotive, healthcare, or technology.
- Focuses on predicting the demand for products or services within a particular industry.
Types of Forecasting
- Qualitative Forecasting: Uses expert opinion, intuition, and subjective methods to predict future demand.
- Quantitative Forecasting: Uses historical data and statistical methods to make predictions, focusing on mathematical formulas and models.
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