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Forecasting Definitions: (additional definitions coming soon)

Demand Curve - a chart that shows the relationship between price and quantity.  The horizontal axis shows the Quantity Demanded of a product. The vertical axis shows the Price.

Demand Planning -

Forecast - an estimation of the future demand for a product. It is usually stated as a quantity (or value) over a specific time period. There are a number of inputs into a forecast, such as: historical data, market trends, marketing data and sales force feedback.

Forecast Error - a comparison between actual demand and forecasted demand. It is usually stated as a percentage.

POS (Point of Sale Data) - data that shows the actual units sold.  Usually tracked by bar code scanning.

  The definitions contained on this website are the opinions of the webmaster. Different businesses may have different definitions. Please check numerous sources to ensure that you have the correct definitions.
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Email me at john@supplychainmetric.com This site is owned and maintained by Michelle Taras & John Taras CPIM, PMP

SupplyChainMetric.com - an overview of various measurements used in a supply chain.