Tasks
1. Plot the data and describe what you see. What does it mean and how would you use the information from the plot to help you develop a forecast?
2. Use at least two different methodologies to develop as accurate a forecast as possible for the demand. Use each of those methods to project the next four months demand.
3. Which method from question 2 is °better"? How do you know that?
4. How, if at all, could we use fan's knowledge of the market to improve the forecast? Would it be better to forecast in quarterly increments instead of monthly? Why or why not?
5. Are there other possible approaches that might improve Ian's operation and situation? What would they be and how could they help?
6. Has Ian's operation grown too large for her to control well? Why or why not? What would you suggest she do? What additional information would you suggest she look for to help her situation?