demand forecasting

Industrial engineeringManagement

What is Just-In-Time? [PDF] | Definition, Process, Benefits, Disadvantages, and Example

Just-in-time (JIT) is an inventory management approach in which goods are received from suppliers only as they are required. The main purpose of this strategy is to decrease inventory holding costs and increase inventory turnover.

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What is Demand Forecasting? (PDF): Definition, Principles, Types, Methods & Issues

Demand forecasting is the systematic process to evaluate future demand for a specific product. Simply put, it allows you to examine the sales scientifically over upcoming weeks, months and years, so that you know exactly how much stock to order and hold at any given time period.

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