Forecasting demand requires uncover

Forecasting demand requires uncovering the underlying patterns from available information. The repeated observations of demand for a service or product in their order of occurrence form a pattern known as a time series. There are five basic patterns of most demand time series:1. Horizontal. The fluctuation of data around a constant mean.2. Trend. The systematic increase or decrease in the mean of the series over time.3. Seasonal. A repeatable pattern of increases or decreases in demand, depending on the time of day, week, month, or season.4. Cyclical. The less predictable gradual increases or decreases in demand over longer periods of time (years or decades).5. Random. The unforecastable variation in demand.