Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The 'Swansea Garden Centre', is interested in forecasting the sales of garden spades for the coming year. Based on the quarterly sales figures for the
The 'Swansea Garden Centre', is interested in forecasting the sales of garden spades for the coming year. Based on the quarterly sales figures for the previous two years, the garden centre expects to sell around 405 spades in the coming year. The sales data exhibits a seasonal sales pattern. Table 4 below gives the last two years of sales data (Year 1 and Year 2). Table 4: Sales data for year 1 and year 2 (a) How much can the garden centre expect to sell during each quarter of next year (Year 3) accounting for seasonality? Your forecast must make use of seasonal indices. (NOTE:Please round your calculations to three decimal places). [19 marks] (b) Forecasting methods can be classified into two groups: qualitative and quantitative. Discuss the characteristics, strengths and weaknesses of both methods. [6 marks]
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started