Explain what the benefits and drawbacks are of forecasting

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Reference no: EM133400236

Question 1: Explain in detail the differences between qualitative and quantitative forecasts. Include at least two examples of when each would be utilized.

Question 2: Reflect upon the exercise you completed for the Moving Average Forecast and the key points that you have learned. Compare and contrast to determine if you feel a weighted Moving Average or an Exponential forecast would be more appropriate/precise in the Boone Factory scenario. Explain your selection.

Period	Month	Demand	Forecast
1	Jan	100
2	Feb	200
3	March	130
4	April	250	143
5	May	200	193
6	June	150	193
7	July	160	200
8	August	190	170
9	September	110	167
10	October	180	153
11	November	250	160
12	December	250	180
	January		227

Question 3: Explain what the benefits and drawbacks are of forecasting. Also describe when a mixture of forecasting models be appropriate.

Reference no: EM133400236

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