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Qualitative method of forecasting demand

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Reference no: EM133066312

1. Provide 2 examples when a qualitative method of forecasting demand might be preferable to a quantitative method of forecasting demand.

2. Wendy's Happy Homes Inc. manufactures Home Appliances. Monthly sales of Wendy's Washers and Dryer Sets for a nine-month period were as follows:

MONTH Washer and Dryer Sales January 490 February 480 March 450 April 500 May 480 June 470 July 490 August 520 September 530
Forecast October sales using:

a) the Naive approach

b) A four-month moving average

c) a six-month moving average

d) a three-month weighted average using .60 for the prior month, .30 for the next prior month, and .10 for the earliest month. Actual October sales were 520 units.

e) Which two methods were the most accurate?

f) Forecast November and December using the two methods you believe to be the most accurate. Actual November and December sales were 500 and 490, respectively.

g) Compute the MAD and MSE for each forecast method you used.

h) Based on the MAD and MSE results, which of the two forecasting methods you chose appears to have been the most accurate? Why?

Reference no: EM133066312

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