When a product is new and there is no historical data, the most promising method to forecast this new product is? Winters’ Exponential Smoothing ModelAnalogyHolt’s Exponential Smoothing ModelEvent modeling

For forecasting a new product with no historical data, Analogy is the most promising method.

Answered: When a product is new and there is no…

Business

Operations Management

When a product is new and there is no historical data, the most promising method to forecast this new product is?

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter13: Regression And Forecasting Models

Section13.7: Exponential Smoothing Models

Problem 28P: The file P13_28.xlsx contains monthly retail sales of U.S. liquor stores. a. Is seasonality present...

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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.

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When a product is new and there is no historical data, the most promising method to forecast this new product is?

Winters’ Exponential Smoothing Model
Analogy
Holt’s Exponential Smoothing Model
Event modeling

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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