Demand Forecasting

Demand Forecasting

First Draft: Demand Forecasting and how it is more advantageous in short run

Cover Page- not part of your word count

Abstract- not part of your word count

Introduction: In the current 21st Century Scenario, Risk management for business enterprises especially in manufacturing units which produce and sell goods, products, commodities and utilities are much higher than ever before. Firms are drawn in, not only into local and domestic economic and non economic risks but also, being part of global scheme of things, into international constructs also. This being the case the needs and necessities for Demand Forecasting for primarily economic type is most felt in way current businesses are conducted.

Demand forecasting in its most rudimentary formats, offers scientific, evidence-based and rationale hypothecating and forecasting of how demand metrics would move in short run, which is within one year. This is essential not only for production planning, scheduling and materials/inventory management, establishing coherent and ethical demand-supply nexus but also ensuring that there is no wee bit of either overproduction or underproduction, both of which are injurious to businesses in short run. Overproduction being locked up capital while underproduction alludes to loss of market stature and goodwill, low supplies creating loss of competitive strengths and so on

Theme Statement: Demand Forecasting through econometric planning, studies and forecasting could ensure smooth sailing for business enterprises in turbulent business climates and vicissitude.

Body of Arguments:

1st paragraph: This is advantageous for production planning and investment concerns, also ordering for supplies, raw materials and other needs since these form the core of purchasing management, inventories, supply chain management and smooth, even-flowing logistics

2nd paragraph: Inventory control gains a major boos and fillip when it is backed up with solid, reputed and well...