List and briefly describe the four different methods of forecasting available
What will be an ideal response?
a. Judgment methods – relies on pure opinion to forecast sales.
b. Counting methods – uses primary data collection methods to predict sales.
c. Time-series methods – uses averages of historical sales figures to make a forecast.
d. Association/causal methods – attempts to develop statistical models relating market factors to sales forecasts.
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Which of the following enables a firm to generate demand forecasts for a product, and to develop sourcing and manufacturing plans for that product?
A) Supply chain demand system B) Supply chain delivery system C) Supply chain planning system D) Supply chain execution system E) Internal supply chain system
How much cash will be collected from customers in March?
The following information pertains to Hepburn Company: Month Sales Purchases January $60,000 $32,000 February $80,000 $40,000 March $100,000 $56,000 ? Cash is collected from customers in the following manner: Month of sale 30% Month following the sale 70% ? 40% of purchases are paid for in cash in the month of purchase, and the balance is paid the following month. ? Labor costs are 20% of sales. Other operating costs are $30,000 per month (including $8,000 of depreciation). Both of these are paid in the month incurred. ? The cash balance on March 1 is $8,000. A minimum cash balance of $6,000 is required at the end of the month. Money can be borrowed in multiples of $1,000. A) $94,000 B) $86,000 C) $100,000 D) $110,000