Question

How is forecasting handled in a beauty college? What recommendations would you have for them?

Answer 1

Demand forecasting is the method of projection of the consumer demand for the goods of the services and these demand forecasting method will be helpful in determination of beauty college forecasting and I would be trying to forecast their futuristic figures through expectation of the sales demand and using of economic data from the marketplace in order to determine proactively whether the sales will grow or decline and the result of demand forecasting would be to set the goals for the sales department and they would be trying to synchronise the goals with the company also.

we can also use various techniques that are qualitative techniques which will be including game theory as well as educated guesses and prediction markets.

One can also use moving average in order to calculate the overall trend in the market and it will be helpful in determination of the operational management and the sales volume from the historical data of the company and it is useful for forecasting of the short term Trend and it will be average of various time periods so it will be a moving average and it will be helpful in order to finding out the demand and supply in the market and it will helpful in futuristicly and proactively forecasting the demand

Beauty college should also be undertaking various kind of changes in the pattern of demand due to the coronavirus pandemic and other changing health measures and they should be trying to adapt quickly in order to increase the demand so one can see that these businesses are highly dynamic in nature and they are very sensitive to the changes in the overall micro and macro environment so they need to quickly adapt to the changes in the external environment