Objectives of demand forecast, Managerial Economics

Assignment Help:

Drafting of Production Policy: Demand forecasts assists in drafting appropriate production policy so that there may not be any space between future demand and supply of a product. This can in addition ensure:

• Routine Supply of Materials: Demand forecasting facilitates in figuring out the preferred volume of production. The necessary prerequisite of raw materials in future can be calculated on the basis of such forecasts. This ensures regular and continuous supply of the materials additionally to managing the amount of supply at the economic level.

• Best Possible Use of Machines: Demand forecasting in addition expedites cutting down inactive capacity since only the essential amount of machines and equipment's are set up to meet future demands. 

• Regular Availability of Labour:  As soon as demand forecasts are made, supplies of essential amount of skilled and unskilled workers can be organised well beforehand to meet future production plans.


Related Discussions:- Objectives of demand forecast

#titwillliomson model, explian williomson model of managerial discretion

explian williomson model of managerial discretion

Economic resource , a) The following would most likely shift a production p...

a) The following would most likely shift a production possibilities curve to the right? b) Money should not be considered an economic resource ? c)  Which of the following is

Limitations of open market operations, Limitations of Open Market Operation...

Limitations of Open Market OperationsLimitations For their success central bank open market operation assume that commercial banks in the country will expand their credit port

Illustrate about sales maximisation, Q. Illustrate about Sales maximisation...

Q. Illustrate about Sales maximisation? The concept that business firms (specifically those operating in the real world) are principally goaded by the aspiration to achieve the

What are important external forces of managerial economics, What are the im...

What are the important external forces Management has to identify all significant factors which influence a firm. These factors can largely be divided into two categories. Mana

Price output determination , Discuss the price output determination using p...

Discuss the price output determination using profit maximization under perfect  competition in the short run.

Meaning and characteristics of utility, Give short answer of following ...

Give short answer of following (a) Economics as a science. (b) Engineering Economics. (c) Economic Problem. (d) Meaning and characteristics of utility. (e)

Diseconomies of scale, what are the four factors that lead to diseconomies ...

what are the four factors that lead to diseconomies of scale.

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd