Select a product that you can purchase at a grocery store or at a discount retailer and respond to the following: Identify the factors that would impact the demand for the product
Select a product that you can purchase at a grocery store or at a discount retailer and respond to the following:
- Identify the factors that would impact the demand for the product that you have selected.
- If you wish to develop a forecast of the demand for this product in a future month (or for other appropriate time period), identify what type of forecasting method would be appropriate.
- Identify the variables for which you would need values to be able to calculate an actual forecast for a future month (using the forecasting method you selected).
- Create an equation that you believe would accurately predict the demand for this product in a future month and solve the equation to derive a forecast for this product in the future month that you had selected.
Justify your answers using examples and reasoning.
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