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.
Compared to product manufacturing, service requirements tend to be more time-dependent, location-dependent, and volatile. In addition, service quality is often directly observable by customers. Find a recent article that describes how a service organization is struggling with one or more of these issues and make recommendations on what an organization needs to do to overcome these difficulties.