Question: In the context of Operations Management, explain how forecasting demand can influence various aspects of business operations, such as inventory management, workforce planning, and production

In the context of Operations Management, explain how forecasting demand can influence various aspects of business operations, such as inventory management, workforce planning, and production scheduling. Discuss the potential challenges businesses might face in accurately predicting demand and how these challenges can be addressed. Additionally, provide examples of techniques or tools that companies can use to improve their demand forecasting accuracy, and describe the potential impact on overall operational efficiency.

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