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The demand for the three items at Crimino Patisserie over the past three months is as follows. Date January Ice Cream 100 Chocolate Cake 50
The demand for the three items at Crimino Patisserie over the past three months is as follows. Date January Ice Cream 100 Chocolate Cake 50 Fruit Cake 130 February 120 48 110 March 122 52 90 a) Assuming no seasonality, what would be a good forecasting method of next month's demand for every product? Justify your answer. b) Utilize the forecasting methods you proposed in (a) to estimate the demand for the month of April for each of the three products. c) Suppose the actual demand for Ice cream in April is 124. Estimate two forecasting error measures and comment on the accuracy of the Ice Cream forecast in (b)
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