Suggest a suitable forecasting method

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Reference no: EM13872021

(Operations Management - MGT 311)

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: EM13872021

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