In the Stokely Company, marketing makes a sales forecast each year by developing a sales force composite. Meanwhile, operations makes a forecast of sales based on past data, trends, and seasonal components. The operations forecast usually turns out to be an increase over last year but still 20 per cent less than the forecast of the marketing department. How should forecasting in this company be done?
Answer to relevant QuestionsExplain the CPFR approach and how it is used to reduce forecasting error. Describe the uses of qualitative, time-series, and causal forecasts. A grocery store sells the following number of frozen turkeys during the one-week period prior to Thanksgiving: Turkeys Sold Monday ......... 80 Tuesday ......... 53 Wednesday ......... 65 Thursday .......... 43 Friday ...Using the data in problem 2, prepare exponentially smoothed forecasts for the following cases: a. α = .1 and F1 = 90 b. α = .3 and F1 = 90 Approximately how far ahead would one need to plan for the following types of facilities? a. Restaurant b. Hospital c. Oil refinery d. Toy factory e. Electric power plant f. Public school g. Private school
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