GEOL 1003 Lecture : Noteswap Notes 3
Document Summary
A na ve forecast for september sales of a product would be equal to the forecast for august. The forecasting time horizon and the forecasting techniques used tend to vary over the life cycle of a product. Demand (sales) forecasts serve as inputs to financial, marketing, and personnel planning. Forecasts of individual products tend to be more accurate than forecasts of product families. False (seven steps in the forecasting system, moderate: most forecasting techniques assume that there is some underlying stability in the system. True (seven steps in the forecasting system, moderate) The sales force composite forecasting method relies on salespersons" estimates of expected sales. A time-series model uses a series of past data points to make the forecast. The quarterly "make meeting" of lexus dealers is an example of a sales force composite forecast. Cycles and random variations are both components of time series.
