Practical Management Science
6th Edition
ISBN: 9781337406659
Author: WINSTON, Wayne L.
Publisher: Cengage,
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Question
If ABC Corporation has following historical data about sales volume:
Years |
Sales |
Years |
Sales |
Years |
Sales |
Years |
Sales |
2001 |
110 |
2006 |
99 |
2011 |
100 |
2016 |
110 |
2002 |
112 |
2007 |
101 |
2012 |
104 |
2017 |
111 |
2003 |
122 |
2008 |
95 |
2013 |
108 |
2018 |
109 |
2004 |
111 |
2009 |
98 |
2014 |
102 |
2019 |
114 |
2005 |
104 |
2010 |
96 |
2015 |
115 |
2020 |
112 |
Note: All the sale values are in thousands.
Required:
- Which type of
forecasting approach is suitable for this type of data? - Which forecasting technique is best to employ in order to forecast the above data? And also define the suggested technique.
- Calculate the predicted values by employing the discussed technique in part (b) on the above data.
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