what is forecasting/inventory level?

Expert Solution

FORECASTING.

Forecasting is the method of making forward-looking forecasts based on past and current evidence, and most generally through pattern analysis. A commonplace illustration may be a calculation of any interest variable at a defined future date. The forecast is a more general concept although close.

According to Evan J. Douglas, "predicting can be described in future time periods as a method of seeking values for demand."

In Cundiff and Still's terms, "predicting is a prediction of revenue over a given future duration focused on the marketing strategy planned and a collection of specific uncontrollable and competitive factors."

Projections enable a company to take specific strategic decisions, such as preparing the manufacturing cycle, buying raw materials, handling funds. And the quality of the product to determine. A company can predict demand by taking advantage of qualified analysts or market analysis firms to produce its own forecasts, called guess prediction. In the next segment let's address the importance of market forecasting.

INVENTORY LEVEL

, The actual quantity of a commodity supplied by a firm. A traditional inventory manager can use the inventory volume and selling levels of a company to assess the best period to either create more, whether they control the factory of a supplier, or to buy more of the commodity is kept as stock in a retail store.

keosha answered 2 months ago

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