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

Statistical quality control assinment, how to get statistical quality contr...

how to get statistical quality control assignment in brief?

Define the term multicollinearity, Question: (a) (i) Define the term ...

Question: (a) (i) Define the term multicollinearity. (ii) Explain why it is important to guard against multicollinearity. (b) (i) Sometimes we encounter missing values

Appropriate statistical test, I would like to know what the appropriate sta...

I would like to know what the appropriate statistical test is for investigating an association between a nominal variable and an ordinal variable assuming normal distribution? It''

Geometric mean, Geometric Mean is defined as the n th root of the ...

Geometric Mean is defined as the n th root of the product of numbers to be averaged. The geometric mean of numbers X 1 , X 2 , X 3 .....X n is given as

Importance and application of probability, Importance and Application of pr...

Importance and Application of probability: Importance of probability theory  is in all those areas where event are not  certain to take place as same  as starting with games of

Data analysis, #quesgraphical representation of data

#quesgraphical representation of data

Sampling, Sampling A  Population  is a collection of all the data point...

Sampling A  Population  is a collection of all the data points being studied. For example, if we are studying the annual incomes of all the people in India, then the population

Geometric mean, Geometric Mean The geometric mean   of numbers is defin...

Geometric Mean The geometric mean   of numbers is defined as the th root of the product of numbers .It is obtained by multiplying all the values of a variable and then extracti

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