3. Demand is a buyer's willingness
and ability to pay a price for a
specific quantity of a good or
service.
4. Forecasting is a process of
predicting or estimating the
future based on past and present
data.
5. Production planning
Sales forecasting
Inventory control
Growth of long-term investment
programmes
Stability
6. Need of short-term forecasting
Appropriate production scheduling
Helping the firm in reducing goods
Determining appropriate price policy
Forecasting short-term financial
requirement
7. Need of long-term forecasting
Planning of a new unit or expansion of
an existing unit
Planning man-power requirement
Planning long-term financial
requirement