Forecasting

May 15th, 2015
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South University-Savannah
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Select a product that you can purchase at a grocery store or at a discount retailer and respond to the following: • Identify the factors that would impact the demand for the product that you have selected. • If you wish to develop a forecast of the demand for this product in a future month (or for other appropriate time period), identify what type of forecasting method would be appropriate. • Identify the variables for which you would need values to be able to calculate an actual forecast for a future month (using the forecasting method you selected). • Create an equation that you believe would accurately predict the demand for this product in a future month and solve the equation to derive a forecast for this product in the future month that you had selected.

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Week 2: Discussion AssignmentForecastingSelect a product that you can purchase at a grocery store or at a discount retailer and respond to the following:Identify the factors that would impact the demand for the product that you have selected.If you wish to develop a forecast of the demand for this product in a future month (or for other appropriate time period), identify what type of forecasting method would be appropriate.Identify the variables for which you would need values to be able to calculate an actual forecast for a future month (using the forecasting method you selected).Create an equation that you believe would accurately predict the demand for this product in a future month and solve the equation to derive a forecast for this product in the future month that you had selected.AnswersForecasting Using historical data to regulate the management of future progression. Firms use forecasting to decide how to appropriate their financial plan for subsequent course of time. Forecasting (quantitative or qualitative technique) is generally established on the demand for the products or services (P&S) in comparison to the cost of producing the P&S (Heizer, Jay, & Barry, 2014, p. 104). Product Selection A product I am loyal to and can never be absent in my house is Coca-Cola. My family, friends, and almost everyone I know enjoy Coca-Cola. The product is affordable, delivers its purpose of quenching our thirsts and energizes us. Coca-Cola c

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