Product Forecast - the ABC Floral Shop - Essay Example

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Summary

The paper "Product Forecast - the ABC Floral Shop" shows a graph of the number of geraniums sold during the last 2 weeks. The graph is irregular and shows no apparent pattern. Therefore, the moving average technique will be used to make short-run forecasts for geranium demand…

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Subject: Marketing
Type: Essay
Level: High School
Pages: 1 (250 words)
Downloads: 3

Extract of sample "Product Forecast - the ABC Floral Shop"

To compare, which of the above forecasts is best; we compare two types of measures of fit Mean Absolute Deviation (MAD) and Mean Squared Deviation (MSD or MSE) for both forecasts. Table 3 shows the MAD and MSE for 3- and 5-moving average forecasts.

The 3-period moving average forecast is slightly better as compared to the 5-period moving average forecast. This is because the Mean Absolute Deviation (MAD) and Mean Squared Deviation (MSE) for the 3-period moving average forecast are lower as compared to the 5-period moving average forecast.

In conclusion, there is no apparent pattern for the number of geraniums sold during the last 2 weeks by the ABC Floral Shop. The demand forecast using a 3-period moving average is slightly better as compared to the 5-period moving average.

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