a. Forecasting Methodology: Choose an appropriate demand forecasting method (e.g.,qualitative, quantitative, or a combination) based on the nature of your product/serviceand available data. Explain the chosen method and its rationale b. Teams must present a monthly forecast (as shown in the sample below) for theanticipated demand for the product for the first year of operations. A rationale orjustification must be given to explain the reasons for the demand forecastpresented. (Note: See Chapter 4 of the course text for assistance)Month Jan Feb Mar Apr | May | Jun | Jul | Aug | SepDemand 49 56 75 63 80Units100 150 220 240Oct | Nov | Dec200 170 150

Requirement: Explaining the chosen method of forecast and its rationale. Assumption: Assume the…

Forecasting Methodology: Choose an appropriate demand forecasting method (e.g., qualitative, quantitative, or a combination) based on the nature of your product/service and available data. Explain the chosen method and its rationale

Forecasting Methodology: Choose an appropriate demand forecasting method (e.g., qualitative, quantitative, or a combination) based on the nature of your product/service and available data. Explain the chosen method and its rationale

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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Question

a. Forecasting Methodology: Choose an appropriate demand forecasting method (e.g.,
qualitative, quantitative, or a combination) based on the nature of your product/service
and available data. Explain the chosen method and its rationale

b. Teams must present a monthly forecast (as shown in the sample below) for the
anticipated demand for the product for the first year of operations. A rationale or
justification must be given to explain the reasons for the demand forecast
presented. (Note: See Chapter 4 of the course text for assistance)
Month Jan Feb Mar Apr | May | Jun | Jul | Aug | Sep
Demand 49 56 75 63 80
Units
100 150 220 240
Oct | Nov | Dec
200 170 150

Leveraging special tenchniques in analyzing historical data to predict future trends. Forecasting covers the methods and types of forecasting and their application to case studies.

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