Quantitative and qualitative methods for forecasting sales, Applied Statistics

Assignment Help:

OmegaPlus Pty.Ltd. is a chain of Health Food stores operating in Australia: with 12 stores across Sydney, Melbourne and Brisbane. OmegaPlus has recently appointed a new CEO: Sandy Smith, who is open to the idea of quantitative forecasting methods, and is aware that various data have been collected for about 5 years now. However, quantitative forecasting has not been used at OmegaPlus before, mainly due to resistance by the Sales Manager: Dave Chen. Dave prefers talking to the shop owners and sales staff across the states to help assess trends and then forms 'consensus' forecasts from these discussions. The main quantity that requires forecasting at OmegaPlus is sales revenue.

(i) List 3 important issues that must be discussed and decided upon BEFORE Sandy chooses between her favoured quantitative method and Dave Chen's qualitative method for forecasting sales at OmegaPlus. Briefly explain why each issue is important to consider at this initial stage.  

(ii) List 3 issues (AT MOST 1 can be the same as the 3 in part (i)) that would help OmegaPlus decide between quantitative and qualitative methods for forecasting sales. Explain why and how each issue will help to allow a decision between the two types of method in this case.


Related Discussions:- Quantitative and qualitative methods for forecasting sales

Uses of arithmetic mean, Uses Arithmetic mean is widely used beca...

Uses Arithmetic mean is widely used because of the following reasons: Mean is the simplest average to understand and easy to compute. It

Data project, Choose any published database from the internet or Bethel lib...

Choose any published database from the internet or Bethel library (such as those from the Census Bureau or any financial sites). You may opt to use one of the data files provided b

Angle count method, Angle Count method The method for estimating the pr...

Angle Count method The method for estimating the proportion of the area of a forest which is in fact covered by the bases of trees. An observer goes to each of the number of po

Statistical procedures - estimation of a mean, Old Faithful Geyser in Yello...

Old Faithful Geyser in Yellowstone National Park derives its names and fame from the regularity (and beauty) of its eruptions. Rangers usually post the predicted times of eruptions

Probability, There are 15 types of ice cream: A,B,C,D,E,F,G,H,I,J,K,L,M,N, ...

There are 15 types of ice cream: A,B,C,D,E,F,G,H,I,J,K,L,M,N, and O. How many combinations are there to sample 5 flavors if you sample 1 flavor 4 times? How many combinations are t

Semiaverages and least square, how can we graph a trend line by semiaverage...

how can we graph a trend line by semiaverages and least square method?

Data project, Dr. Jim Mirabella UNIT EIGHT: DATA ANALYSIS PROJECT All Excel...

Dr. Jim Mirabella UNIT EIGHT: DATA ANALYSIS PROJECT All Excel output should be copied into a single Word document where you must enter all of your responses to the questions below.

Median, Median Median is a position average. It is the value of middle ...

Median Median is a position average. It is the value of middle item of a variable when the items are arranged according to their values either in ascending or descending order.

Statistics assignment, Need statistic assignment help. Need by Monday, 26Th...

Need statistic assignment help. Need by Monday, 26Th May. Gretl has to be used compulsory.

Index number, Index Number Meaning and Definitions of Index Number ...

Index Number Meaning and Definitions of Index Number The index numbers are the special type of averages which are presented in percentages and computed on certain base.

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd