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Topic: Business
Number of pages / Number of words: 5 / 1267
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Demand forecasts are projections of a company’s sales for each time period in the planning horizon. These forecasts are also called sales forecasts. They drive a company’s production, capacity, and scheduling systems and serve as inputs to financial, marketing and personnel planning. (Heizer & Render)

Seven Steps in the Forecasting System

According to Heizer & Render, there are seven basic steps that are used in the forecasting system...


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(Heizer & Render)

Seven Steps in the Forecasting System

According to Heizer & Render, there are seven basic steps that are used in the forecasting system. These seven steps present a way of designing, initiating, and implementing a forecasting system. 1. Determine the use of the forecast. 2. Select the items to be forecasted...


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