Given the seasonal nature of demand at Hudson Jewelers depicted in Case Exhibit 1.2, how would...

  

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Given the seasonal nature of demand at Hudson Jewelers depicted in Case Exhibit 1.2, how would you forecast future demand for customer visits? What criteria will you use to determine a "good" forecast? What methods would you use, and why? What is your final recommendation with respect to a forecasting method? Exhibit 1.2 Hudson Jewelers Customer Visit Counts (Demand) Week 1 (January) 2 No. Visits 171* 268 467 490 564 479 445 587 576 524 3 4 5 6 (February) 7 8 9 10 (March) 11 12 13 14 (April) 15 16 17. 18 (May) 291 *Limited store hours 547 462 456 422 450 393 342 Week 19 20 21 22 (June) 23 24 25 26 (July) 27 28 29 30 (August) 31 32 33 34 (Sept) 35 36 Total Customer Visits = 13,104 Average/Week Visits = 252.0 Maximum Visits = 587 Minimum Visits = 51 Standard Deviation 169.7 No. Visits 211 143. 108 80 57 91 63 97 86 57 68 51 74 51 103. 108 91 68 Week 37 38 (Oct) 39 40 41 42 43 (Nov) 44 45 46 47 48 (Dec) 49 50 51 52 No. Visits 103 114 148 194 165 228 239 279 314 342 251 211 325 291 262 97* Given the seasonal nature of demand at Hudson Jewelers depicted in Case Exhibit 1.2, how would you forecast future demand for customer visits? What criteria will you use to determine a "good" forecast? What methods would you use, and why? What is your final recommendation with respect to a forecasting method? Exhibit 1.2 Hudson Jewelers Customer Visit Counts (Demand) Week 1 (January) 2 No. Visits 171* 268 467 490 564 479 445 587 576 524 3 4 5 6 (February) 7 8 9 10 (March) 11 12 13 14 (April) 15 16 17. 18 (May) 291 *Limited store hours 547 462 456 422 450 393 342 Week 19 20 21 22 (June) 23 24 25 26 (July) 27 28 29 30 (August) 31 32 33 34 (Sept) 35 36 Total Customer Visits = 13,104 Average/Week Visits = 252.0 Maximum Visits = 587 Minimum Visits = 51 Standard Deviation 169.7 No. Visits 211 143. 108 80 57 91 63 97 86 57 68 51 74 51 103. 108 91 68 Week 37 38 (Oct) 39 40 41 42 43 (Nov) 44 45 46 47 48 (Dec) 49 50 51 52 No. Visits 103 114 148 194 165 228 239 279 314 342 251 211 325 291 262 97*

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I would recommend using a trend analysis to predict future dema... View the full answer