Demand Forecasting

Demands are wants for specific products backed by an ability to pay. Many people want a Benz; only a few are willing and able to buy one. Companies must measure not only how many people want their product but also how many would actually be willing and able to buy it

Forecasting is the process of estimation in unknown situations. Prediction is a similar, but more general term, and usually refers to estimation of time series, cross-sectional or longitudinal data. In more recent years, Forecasting has evolved into the practice of Demand Planning in every day business forecasting for manufacturing companies. The discipline of demand planning, also sometimes referred to as supply chain forecasting, embraces both statistical forecasting and consensus process.

This is the project about an analysis on demand and forecasting. This may helpful to identify the demand for a partcular product.

This projects has following objectives.

To identify potential demand for the plastic product at different areas.
To estimate demand for the products in near future.
To find out the consumption rate of the products.
To study and understand the quality needs of products by the customer.
To identify competitor market demand.

The Research design of this project contains 50 samples which were taken from related companies. This project is analysed on the basis of two statistical tools such as percentage and weighted average tools.

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