Month Demand (1000s) Month Demand (1000s) 1 8.2 13 10.3 2 7.5 14 10.5 3 8.1 15 11.7 4 9.3 16 9.8 5 9.1 17 10.8 6 9.5 18 11.3 7 10.4 19 12.6 8 9.7 20 11.5 9 10.2 21 10.8 10 10.6 22 11.7 11 8.2 23 12.5 12 9.9 24 12.8

Month Demand (1000s) Month Demand (1000s) 1 8.2 13 10.3 2 7.5 14 10.5 3 8.1 15 11.7 4 9.3 16 9.8 5 9.1 17 10.8 6 9.5 18 11.3 7 10.4 19 12.6 8 9.7 20 11.5 9 10.2 21 10.8 10 10.6 22 11.7 11 8.2 23 12.5 12 9.9 24 12.8

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 32P

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Concept explainers

Forecasting in Business

Forecasting is the process of predicting the future based on the past and the present data and circumstances. In other words, forecasting is the act of making a detailed analysis of future events based on the decisions made in the past as well as the present. Forecasting plays a very important role in operational management as it helps in planning and decision-making. It is not only important for the success of a business but also contributes to individual growth and success. Many business organizations or companies have failed due to the shortcomings of their forecasting.

Question

The Pro Apparel company manufactures baseball-stylecaps with various team logos. The caps come in an assort-ment of designs and colors. The company has had monthlysales for the past 24 months as follows:Develop a forecast model using the method you believe best,and justify your selection using a measure (or measures) offorecast accuracy.

Month
Demand (1000s)
Month
Demand (1000s)
1
8.2
13
10.3
2
7.5
14
10.5
3
8.1
15
11.7
4
9.3
16
9.8
5
9.1
17
10.8
6
9.5
18
11.3
7
10.4
19
12.6
8
9.7
20
11.5
9
10.2
21
10.8
10
10.6
22
11.7
11
8.2
23
12.5
12
9.9
24
12.8

Leveraging special tenchniques in analyzing historical data to predict future trends. Forecasting covers the methods and types of forecasting and their application to case studies.

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