What is Demand Planning? 4 Types of Demand Reviewed - Unexpected, Seasonal, Peak, and Chase Demand
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Link to full Operations Management Course: Operations Management Full Course
In this video, I'm going to be discussing the different types of demand and how to plan for them. By understanding the different demand types, you'll be able to better predict how your business will perform and make sound business decisions.
Demand planning is a strategic process that involves forecasting future demand for a company's products or services. The goal of demand planning is to ensure that the business has the right amount of inventory to meet customer demand while minimizing excess inventory and reducing costs.
Demand planning involves analyzing historical sales data, market trends, and other relevant factors to forecast future demand for a company's products or services. This forecast is used to determine the appropriate level of inventory to maintain, as well as to plan production schedules, staffing levels, and other operational activities.
The demand planning process typically includes the following steps:
Data collection: Gathering historical sales data, customer feedback, market research, and other relevant information.
Forecasting: Using statistical models, trend analysis, and other methods to forecast future demand for the company's products or services.
Collaboration: Working with other departments, such as sales and marketing, to gather input and ensure that the forecast reflects the most accurate information.
Planning: Developing a plan for inventory levels, production schedules, and other operational activities based on the demand forecast.
Monitoring: Continuously monitoring actual demand and adjusting the forecast and plan as necessary.
Effective demand planning is critical to the success of a business, as it helps ensure that the business can meet customer demand while minimizing costs and optimizing operational efficiency.
Demand planning is a critical part of running a business and this video will help you understand the importance of demand planning and how to use it to your advantage. By understanding the different types of demand, you'll be able to make sound business decisions and ensure that your business is profitable!
Chapters
00:00 Intro
00:15 Agenda
00:28 What is Demand?
00:37 What is Demand Planning
01:10 Inventory Control
01:30 Peak Demand
02:09 Seasonal Demand
03:13 Unexpected Demand
04:22 Chase Demand
05:37 Key Takeaways
References used in this video.
https://saylordotorg.github.io/text_p...
Connect with me on Social Media
https://www.derrickhaywood.com/
Instagram: drdhaywood
Twitter: drdhaywood
Link to full Operations Management Course: Operations Management Full Course
In this video, I'm going to be discussing the different types of demand and how to plan for them. By understanding the different demand types, you'll be able to better predict how your business will perform and make sound business decisions.
Demand planning is a strategic process that involves forecasting future demand for a company's products or services. The goal of demand planning is to ensure that the business has the right amount of inventory to meet customer demand while minimizing excess inventory and reducing costs.
Demand planning involves analyzing historical sales data, market trends, and other relevant factors to forecast future demand for a company's products or services. This forecast is used to determine the appropriate level of inventory to maintain, as well as to plan production schedules, staffing levels, and other operational activities.
The demand planning process typically includes the following steps:
Data collection: Gathering historical sales data, customer feedback, market research, and other relevant information.
Forecasting: Using statistical models, trend analysis, and other methods to forecast future demand for the company's products or services.
Collaboration: Working with other departments, such as sales and marketing, to gather input and ensure that the forecast reflects the most accurate information.
Planning: Developing a plan for inventory levels, production schedules, and other operational activities based on the demand forecast.
Monitoring: Continuously monitoring actual demand and adjusting the forecast and plan as necessary.
Effective demand planning is critical to the success of a business, as it helps ensure that the business can meet customer demand while minimizing costs and optimizing operational efficiency.
Demand planning is a critical part of running a business and this video will help you understand the importance of demand planning and how to use it to your advantage. By understanding the different types of demand, you'll be able to make sound business decisions and ensure that your business is profitable!
Chapters
00:00 Intro
00:15 Agenda
00:28 What is Demand?
00:37 What is Demand Planning
01:10 Inventory Control
01:30 Peak Demand
02:09 Seasonal Demand
03:13 Unexpected Demand
04:22 Chase Demand
05:37 Key Takeaways
References used in this video.
https://saylordotorg.github.io/text_p...
Connect with me on Social Media
https://www.derrickhaywood.com/
Instagram: drdhaywood
Twitter: drdhaywood
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