Demand Forecasting and Management

Demand Forecasting and Management in Service Operations refers to predicting future customer needs to ensure that services are available when required. This process involves analyzing past data, market trends, and external factors to estimate how much demand there will be for a service. Effective demand management helps businesses allocate resources efficiently, such as staff and materials, to meet customer expectations without overspending. By accurately forecasting demand, companies can improve customer satisfaction, reduce wait times, and optimize their operations, ensuring they provide the right service at the right time.