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1. Trend projection Here data of past sales is used to project future sales. This is the simplest and most straightforward method of demand forecasting. 2. Market research This is based on data from customer surveys. Time and effort is required to prepare and send out surveys and tabulate data. 3. Sales force composite This method uses the experience of the sales team in a company. Feedback from the sales group is used to forecast customer demand. 4. Delphi method Demand forecasting experts from outside the firm are involved in this method. Several rounds of questionnaires are held which are to be responded anonymously until the group of forecasting experts comes to a consensus. 5. Econometric A mathematical formula is created to predict future customer demand. Here, statistical tools and economic theories are combined to estimate the economic variables and to forecast the intended variables.
The Cruise Bharat Mission aims to make India a global hub for cruise tourism by which year?
The Atal Pension Yojana (APY) is a government-backed pension scheme primarily targeted at unorganized sector workers. What unique feature of APY ensures...
The Cabinet's approval of the National Mission on Edible Oils – Oilseeds (NMEO-Oilseeds) reflects India's commitment to self-reliance in edible oils. ...
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Where did the World Governments Summit take place in 2024 under the theme 'Shaping Future Governments'?
Union Budget 2023-2024 has announced to open a Locker for the use of Business Enterprises and Charitable trusts?
Uttar Pradesh has topped amongst the states with a total construction of _______ Amrit Sarovars .
IIT Madras Research Park (IITMRP) and IIT Madras Incubation Cell (IITMIC) have joined hands with Reserve Bank Innovation Hub (RBIH) to work on creating ...
“ Dahi-Handi ” has been Recognised as an Official Sport of which state?
Which two women officers of the Indian Navy embarked on the 23,000 nautical mile globe-circumnavigating expedition aboard INSV Tarini in 2024?