Question: Develop a forecast for FY2021 using the two forecasting methods currently employed by the company.Comment on which of the forecasts is likely to be more

  1. Develop a forecast for FY2021 using the two forecasting methods currently employed by the company.Comment on which of the forecasts is likely to be more appropriate to support decisions based on your assessment of forecast accuracy from Q1. Are there any other considerations that you would recommend to Throx.

The company provides you with the following information for the past two fiscal years:

Demand Characteristic 2019 2020
Annual Demand, sets 26,918 31,763
Average Weekly Demand 518 611
Standard Deviation of weekly Demand 130 153

Product Forecasting Information

Actual Demand (Three Sock Sets) Weighted Moving Average Fcst Exponential Forecast
2017 18,850 15,500 16,300
2018 22,432 17,060 18,340
2019 26,918 20,614 21,613
2020 31,763 24,765 25,857

Weighted Moving Average uses Wt = 0.6, Wt-1=0.3 Wt-2=0.1

Exponential Smoothing uses = 0.8.

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