The primary difference between demand management and demand forecasting is 1) forecasting is only possible when...

The primary difference between demand management and demand forecasting is

1) forecasting is only possible when quantitative data are available.

2) demand management is proactive, while forecasting attempts to predict.

3) a firm cannot execute both approaches simultaneously.

4) one approach deals with uncertainty, while the other deals with known demand.

Expert Solution

The key aspects of demand management includes :

Forecasts updated with actual demand throughout the day
Planning married to execution: incrementally adjusts all required supply and execution plans in real time
Manage demand across all channels (stores, web sites, etc)
Incredible responsiveness in highly volatile events such as promotions and new product introductions
Automatically propagates demand information to all trading partners and internal departments

Demand management is thus an ongoing and proactive activity trying to match customers requirement with organization’s delivery capability

Demand forecasting is predicting future demand for the product. In other words, it refers to the prediction of a future demand for a product or a service on the basis of the past events and prevailing trends in the present.

Therefore , correct answer is “ 2 ) demand management is proactive , while forecasting attempts to predict”

ANSWER : 2 ) Demand management is proactive , while forecasting attempts to predict

keosha answered 6 months ago

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