Which of the Following Is/are Approaches Used to Forecast Demand

question 72

Multiple Choice

Which of the following is/are approaches used to forecast demand for a product?

• A)reviewing industry data on the internet
• B)speaking with competitors
• C)speaking with potential customers
• D)all of these approaches.

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Definitions:

Frequency of Occurrence

The rate at which a particular event or phenomenon happens over a specified period of time.

Just-In-Time (JIT) Scheduling

A logistics strategy where materials and products are produced or delivered only as needed, reducing inventory costs.

Timely Inventory Control

The practice of managing and optimizing stock levels to meet demand without incurring excess or shortage, ideally in a timely manner.

Efficient Production Planning

A process that ensures resources are used effectively to meet production goals, minimizing waste and costs while maximizing output.