Glossary
Abnormal Demand
Demand that falls outside the limits established by management policy, often due to new customers or changing needs of existing customers.
Related Glossary Terms
Operations
Read Definition Acceptable Quality Level (AQL)
In quality management, a threshold level that represents a satisfactory average quality level in a batch or series of lots during sampling inspection.
Operations
Read Definition Acceptable Sampling Plan
A specific plan indicating the sizes of samples to be used and the criteria for accepting or rejecting a lot based on those samples.
Operations
Read Definition Demand Forecasting
Definition – Demand forecasting is the process of predicting the future demand for a product or service. This process utilises past data, market trends, and other market factors to calculate how much customers want to buy in a specific period.