There are four types of demand forecasting (qualitative, causal, time series, and simulation). Companies use one or more of these techniques to conduct demand forecasting. Using resources, do the following:
Problem 1: Select two major companies (e.g., Dell and Sears) and identify how demand forecasting is an essential part of their manufacturing process.
Problem 2: Based on your knowledge, or through research, postulate which of the forecasting techniques would be most beneficial and logical for the companies to use. Specify types of forecasting formulae, if possible.