Forecasting Models and Types of Data

Forecasting Models and Types of Data

There are different types of forecasting models that can be used in business research. Each model is suitable for a type of historical demand data. Some data may have a trend, may be without a trend, or may be seasonal.

• How can trendless data be evaluated?
• How does a trailing-moving average compare to a centered-moving average?
• When should exponential smoothing be used for data? Explain with an example.
• In exponential smoothing, what type of smoothing constant should be chosen for little smoothing compared with moderate smoothing?

Justify your answers using examples and reasoning. Comment on the postings of at least two peers and state whether you agree or disagree with their views.

Research Process

The research process is a well-structured methodology that aids the manager to make an educated business decision. The most important element of this process is the source of data used. The better the data, the better the result. Data must come from a sample that is random and large enough.

• What are the six stages in a research process?
• Which stage is the most difficult to complete? Why?
• Which stage is the most important? Why?
• How important is it to have accurate data?