Question: While exploring the data and comparing the two previous forecasting methods, you were still not convinced by the forecast accuracy level. Following an in -
While exploring the data and comparing the two previous forecasting methods, you were still not convinced by the forecast accuracy level. Following an indepth analysis, you have decided to check whether there is any seasonal pattern throughout the quarters of the year.
As the manager of this ice cream parlor, you recognize the importance of understanding and leveraging this seasonality to optimize inventory management, staffing levels, and promotional activities. Your goal is to extract and model the seasonality component effectively to make informed business decisions.
Therefore, you redesigned your table as follows:
tableQuarterIce Cream Sales in gallonstableAverage Numberof Ice CreamGallons SoldtableExpected Numberof Ice CreamGallons SoldtableSeasonalIndextableYeartableYeartableYearFallhWinterhSpringhSummerghi
Complete the table while showing your calculation
g pointsNOTE : round your answer to the nearest integer
h pointsNOTE : round your answer to the nearest integer
i pointsNOTE : round your answer to decimals
j points We expect total sales for next year in to be gallons of ice cream. How much can you expect to sell during the fourth quarter of next year during Summer accounting for seasonality?
k point Based on an analysis of the forecasting techniques, which one would you choose and why?
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