How accurate forecasting can impact inventory management

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Reference no: EM133882123 , Length: Words Count:250

Assignment:

Forecasting is critical in industries such as retail, finance, and manufacturing for making informed decisions about inventory, sales, and resource allocation.

How can time series forecasting models be used to predict future demand in a retail setting?
Discuss how accurate forecasting can impact inventory management and customer satisfaction.
What are some potential challenges or limitations that companies might face when implementing forecasting models, and how can they mitigate these issues. Your answers to this questions must not be less than 250 words.

Reference no: EM133882123

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