Determine the forecast for each sku using method

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Reference no: EM138855

Cooper Toys sells a portable baby stroller called the Tot n' Trot. The past two years of demand for Tot n'Trots are shown in the table below. Use an appropriate method to forecast the 6  months from January through June 2006. Please defend your use of forecasting method (i.e. why you selected your particular method). If you are using smoothing constants, you must also defend (mathematically please) why you selected the values that you did. How good is your forecast?

Jan 2004

1200

Feb

1400

Mar

1450

Apr

1580

May

1796

June

2102

July

2152

Aug

2022

Sept

1888

Oct

1938

Nov

1988

Dec

1839

Jan 2005

1684

Feb

1944

Mar

1994

Apr

2154

May

2430

June

2827

July

2877

Aug

2687

Sept

2492

Oct

2542

Nov

2592

Dec

2382

Using the forecasting paper supplied, "Forecasting demand for single-period products: A case study in the apparel industry", Mostard, Teunter, de Koster, European Journal of Operational Research, Vol 211, and the demand information given in the Excel spreadsheet "demand data for forecasting":

  • Determine the forecast for each SKU using Method 1, 2 and 3. Then, assume the season is over, and your actual demand is given in the sheet "realized demand". Determine:
  • The accuracy of your forecast (quantitatively and qualitatively).

Now read Section 3.2.1 of the paper. Assume you have five experts and their forecasts are given in the "experts" sheet. Using the method given:

  • Determine your forecast for each SKU and the accuracy of these experts (quantitatively and qualitatively).
  • Attachment:- File_2.xlsx
  • Attachment:- File_3.pdf

Reference no: EM138855

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