Question: question 1 Forecasts are made in order to predict the future based on the past and present data. However, it is important that these predictions

question 1

Forecasts are made in order to predict the future based on the past and present data. However, it is important that these predictions are near accurate in order to avoid a firm investing in production and distribution activities that is may not need. Equally not underestimating future demand of a product would result in failure to deliver which could result in the firm losing it clients to competitors.

a. Discuss the following terms as they are used in forecasting:

Causal forecasting (econometric) (5 Marks)
Delphi methods of forecasting. (5 Marks)

Discuss the following demand patterns;

Trend (2 Marks)
Cycle (2 Marks)
Seasonal (2 Marks)
Irregular variation (2 Marks)

Random variation (2 Marks

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