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Product risk assessment through the supply chain. Regulatory agencies and businesses use product risk assessment to determine whether action is required to reduce the risk that users might be injured using a product.
In product development strategy, a company tries to create new products and services targeted at its existing markets to achieve growth. This involves extending the product range available to the firm's existing markets.
Integration of Machine Learning (ML) & Predictive Analytics: Demand Forecasting: Analyze historical data, market trends, seasonality, promotions, even weather/social media to predict demand with high accuracy. Impact: Optimizes inventory, reduces stockouts/overstocks, improves production planning.