Question
A firm has the following sales figures: Year 2011: $2.1 million Year 2012: $2.3 million Year 2013: $2.5 million Year 2014 $2.2 million Year
A firm has the following sales figures: Year 2011: $2.1 million Year 2012: $2.3 million Year 2013: $2.5 million Year 2014 $2.2 million Year 2015: $3.1 million Using the nave approach, determine the forecast for next year's sales.
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SOLUTION The nave approach for forecasting involves simply using the most recent actual value as the ...Get Instant Access to Expert-Tailored Solutions
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