How can we come up with credible quantitative sales forecast

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For example, let us say that a retail chain (such as Target) wishes to forecast sales for a new store in a metro area where it has no stores. But, Target has plenty of historical sales data for its similar size/layout stores in other metro areas. 1. How can we come up with a credible quantitative sales forecast, or would we use a qualitative method? Management has to come up a forecast to help it plan ahead and can't just wait and see what happens before committing funds to build the store, yes? How would you approach this? 2. Is there anyone (or any corporate or department management) who would be able to assist with this? Could you bring in one or more of the management team to help with a specific qualitative forecasting method? What kinds of subject matter expertise would by helpful? Or do you reject this approach and will instead suggest a different way to forecast the new store sales? Explain.

Reference no: EM131305951

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