Please respond to two peer posts (listed below). Each only needs to be about 275 words, hence the 550 words for 2 pages/2 posts. Grading rubric is attached.
Original Prompt-
Demand Estimation
Why is knowing (or estimating) the product demand so crucial for a firm? What are the differences between estimating and forecasting demand?
In your response, include an example of a business that has suffered from poorly forecasting the demand of its products. Evaluate how or why the business made such a mistake.
To keep our discussion more interesting, please use examples that are not from our textbook.
What are the differences between estimating and forecasting demand?