What are the different forecasting models available for businesses?
How does Time Series Analysis work in forecasting?
What is Regression Analysis and how is it useful in sales forecasting?
Can you explain how Machine Learning Models are used in forecasting?
When is the use of Qualitative Methods recommended in forecasting?
How do you determine the preferred forecasting model for a business?
How can sales be forecasted for the next 12 months using these forecasting models?
a) Time Series Analysis using Moving Averages
b) Regression Analysis based on advertising spending and economic indicators
c) Machine Learning Model using historical sales data and diverse data sets
d) Qualitative Methods relying on expert judgment and opinions due to limited historical data