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Describe each of the five demand components

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Question 1. United Colors of Benetton is facing a serious problem. The global fashion garment manufacturer and retailer is well known for its speed of new product introduction. The firm is planning to introduce its 2013 summer collection and wants to estimate demand. Demand from past years are shown below.

Year

Demand

(in millions)

Forecast

(in millions)

2004

150

140

2005

170

180

2006

190

190

2007

270

290

2008

220

270

2009

150

250

2010

290

260

2011

320

280

2012

300

310

Suggest a suitable forecasting method that Benetton could utilize while predicting demand for the upcoming year. Describe the important factors that should be considered while selecting the forecast method.

Question 2. Describe each of the five demand components in a time-series (of past demand data).

Reference no: EM13874175

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