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Forecasting is a technique of predicting the future based on the results of previous data. It involves a detailed analysis of past and present trends or events to predict future events. It uses statistical tools and techniques. Therefore, it is also called Statistical analysis. Forecasting acts as a planning tool that helps to get ready for the uncertainty that can occur in the future. 

Forecasting begins with management's experience and knowledge sharing.  

Significance of Forecasting:

  • Provides reliable and relevant information about the present and past trends and future predictions that help in planning better.
  • Gives the confidence to take important decisions.
  • Helps in the handling of uncertainty efficiently
  • Optimal utilization
  • Managing stock out or surplus stocks
  • Helps in managing short expiry
  • Minimise Risk of Expiry
  • Helps in making the best managerial decisions

 

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How often is the quantification process in undertaken at the central level?

Monthly

Quarterly

Annually

Half-yearly

3

As per the current Standard Operating Procedure Manual of Procurement & Supply Chain Management, Central TB Division, the quantification process in done on annual basis at the central level.

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Yes

Yes
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https://cms.swasth-egurukul.in/en/page-preview/57680

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