Inventory Forecasting helps a business to calculate safety stock accurately and to determine with accuracy common inventory metrics like reorder levels, minimum & maximum levels which keeps the business investment in inventory at optimum levels.
Inventory Forecasting can be done by scientific methods. In fact, there are mathematical methods like scenario writing, Delphi technique, subjective approach, time-series forecasting, etc. all of which do the same thing but with complexity.
A safe way out will be to follow the best practices that never fail to achieve results. Some best practices in inventory forecasting that are known to yield results are as here : http://bit.ly/2rtBRHy
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