forecast-driven production
nounUK /ˈfɔːkɑːst ˈdrɪvən prəˈdʌkʃən/
US /ˈfɔːrkæst ˈdrɪvən prəˈdʌkʃən/
Making things based on a guess about what people will want to buy.
The toy factory uses forecast-driven production to decide how many dolls to make before the holidays.
SYNONYMS
OTHER MEANINGS
2. A manufacturing strategy where output levels are set in advance using estimated future sales rather than actual orders.
Forecast-driven production helps the company stock up for the busy season.
3. A business approach that relies on market predictions to guide how much is made.
Switching to forecast-driven production reduced their stockouts last year.
4. The practice of planning factory output according to projected customer demand.
Their forecast-driven production plan was based on last year's sales data.