Question: Task 1: Demand Forecasting for Teens Forever Description: Demand for Varsity Letterman jacket at Teens Forever for the last 12 months are as follows: 11

Task 1: Demand Forecasting for Teens Forever

Task 1: Demand Forecasting for Teens Forever Description: Demand for Varsity Letterman jacket at Teens Forever for the last 12 months are as follows: 11 Month Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Demand 115 125 123 101 96 94 98 97 101 99 98 100 2 Page RMIT Classification: Trusted Quantitative Questions: a) Estimate demand for the next three using a 3-month moving average, simple exponential smoothing with a = 0.1, and Holt's model to estimate the demand with a = 0.1 and B = 0.2. (6 marks) b) Evaluate the MAD, MAPE, bias, and TS (.e., the KPIs) in each case. Which of the three methods is better? Why? (3 marks) c) What should the values of a and B in the Holt's model be in order to minimise the MAD? (1 mark) Qualitative Question: d) Conduct your own research and find out what the apparel industry usually does in forecasting demand. You may wish to discuss the topic based on product value, product volume and product flow as different product characteristics may require different methods to forecast the demand accurately. Give examples to support your arguments

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