Despite its importance, demand forecasting can be complex and challenging. Some of the common challenges include:
Data Quality: Inaccurate or incomplete data can lead to poor forecasting results. Market Volatility: Rapid changes in market conditions can make it difficult to predict future demand accurately. Technological Limitations: The lack of advanced analytical tools can hinder the forecasting process. Human Bias: Subjective opinions and biases can affect the accuracy of qualitative forecasts.