QRB501 QRB/501 Forecasting with Indices Week 3 - 19497

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Select one organization from either your Week Two Learning Team assignment, University of Phoenix Material: Summer Historical Inventory Data, or University of Phoenix Material: Winter Historical Inventory Data to complete this assignment.

 

Convert the data from your chosen source into an index.

 

Use the time series data from your index to forecast inventory for next year.

Solution Description

Forecasting is a technique, which any management can use for estimating future market value of a business relying on data from the past, present, and analysis of trends as well (Hiray, 2008). In other words, forecasting is estimating the future demand for services or products and the resources the business will need to produce these outputs. Forecasting is essential to any business plan, business owners, and investors (Reeves, 2011)

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