|
Year
|
1
|
2
|
3
|
4
|
5
|
6
|
7
|
8
|
9
|
10
|
|
Corn revenue
|
40
|
44
|
46
|
48
|
52
|
58
|
60
|
68
|
74
|
80
|
|
fertilizer
|
6
|
10
|
12
|
14
|
16
|
18
|
22
|
24
|
26
|
32
|
The forecasting approach falls into qualitative and quantitative methods.
Quantitative method is divided into causal method and trend projection. Please select at least 2 appropriate models from quantitative method to generate a forecasting model for the above data.
Based on your model to forecast the corn revenue in year 11 if (a) fertilizer input in year 11 is 36 and (b) no fertilizer input is given and assuming the inflation rate is 5% per year.(Inflation assumption is applied to Part (b) only).
Explain your proposed models, interpret your results, and specify the limitations critically.