Question
If ABC Corporation has the following historical data about sales volume: Years Sales Years Sales Years Sales Years Sales 2001 110 2006 99 2011 100
If ABC Corporation has the following historical data about sales volume:
Years | Sales | Years | Sales | Years | Sales | Years | Sales |
2001 | 110 | 2006 | 99 | 2011 | 100 | 2016 | 110 |
2002 | 112 | 2007 | 101 | 2012 | 104 | 2017 | 111 |
2003 | 122 | 2008 | 95 | 2013 | 108 | 2018 | 109 |
2004 | 111 | 2009 | 98 | 2014 | 102 | 2019 | 114 |
2005 | 104 | 2010 | 96 | 2015 | 115 | 2020 | 112 |
Note: All the sale values are in thousands.
a) Which type of forecasting approach is suitable for this type of data?
b) Which forecasting technique is best to employ in order to forecast the above data? And also define the suggested technique.
c) Calculate the predicted values by employing the discussed technique in part (b) on the above data.
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