Using the historical data above, use a quantative method of forecasting to forecast sales for week 8
|
Week |
Sales $ |
|
1 |
75,000 |
|
2 |
70,000 |
|
3 |
72,000 |
|
4 |
70,000 |
|
5 |
74,000 |
|
6 |
68,000 |
|
7 |
75,000 |
|
8 |
|
Using the historical data above, use a quantative method of
Forecasting is usually done by considering previous trends and extrapolating them into the future. The quantitative method of forecasting involves using mathematical models to predict what will happen in the future.
Quantitative methods of forecasting are statistical techniques for predicting future outcomes.
The most common quantitative method of forecasting is time series analysis. It is based on the idea that the past can be used to predict the future. The basic idea behind time series analysis is that there are patterns in observed data that are likely to continue into the future, and these patterns can be identified by looking at past data.
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