Question: You have been given a task to create a demand forecast for the second year of sales of a premium outdoor grill. Accurate forecasts are
You have been given a task to create a demand forecast for the second year of sales of a premium outdoor grill. Accurate forecasts are important for many reasons, including for the company to ensure they have the materials they need to create the products required in a certain period of time.
Your objective is to minimize the forecast error, which will be measured using the Mean Absolute Percentage Error MAPE with a goal of being below
You have historical monthly sales data for the past year and access to software that provides forecasts based on five different forecasting techniques NaiveMonth Moving Average, Exponential Smoothing for Exponential Smooth for and Seasonal to help determine the best forecast for that particular month. Based on the given data, you will identify trends and patterns to create a more accurate forecast.
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