A pizza chain wants to forecast the demand rate for each store for each hour in the day.What type of forecasting method is it most likely to deploy?a. Automated forecastingb. Expert panel forecastingc. Weather forecastingd. Macroeconomic forecasting

A pizza chain wants to forecast the demand rate for each store for each hour in the day.What type of forecasting method is it most likely to deploy?a. Automated forecastingb. Expert panel forecastingc. Weather forecastingd. Macroeconomic forecasting

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.

Question

A pizza chain wants to forecast the demand rate for each store for each hour in the day.
What type of forecasting method is it most likely to deploy?
a. Automated forecasting
b. Expert panel forecasting
c. Weather forecasting
d. Macroeconomic forecasting

Branch of economics that analyzes the behavior and performance of an economy as a whole. It focuses on the study of aggregates and evaluates changes related to unemployment, gross domestic product, inflation, monetary and fiscal policies of the government.

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