Questions
Develop forecasts using
regressions of sales on each of the series of rain forecasts, respectively.
Calculate the MFE (bias), MAD, and MAPE for the two forecasting models. Which
rain forecast seems to be better at predicting Rachel’s daily sales, the five-day
forecast or the two-day forecast?
How can Rachel make use
of the rain forecasts to improve her forecasts of total sales each day? What
other changes to her business would she need to make in order to capitalize on
this information?
How are order lead time
and forecasting accuracy related to each other in this case?
Plot and visually
inspect the sales data. What other suggestions would you give Rachel for
improving her sales forecasts? What type of time series model would be
appropriate? Why?
Please provide charts/graphs as necessary and make recommendations
using detailed facts about the case study.
The case study and data are attached in both Word and Excel formats for ease of use of the data.
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