United Colors of Benetton is facing a serious problem.The global fashion garment manufacturer and retailer is well known for its speed of new product introduction.The firm is planning to introduce its 2013 summer collection and wants to estimate demand.Demand from past years are shown below.
$$\begin{array} { | c | c | c | }
\hline \text { Year } & \begin{array} { c }
\text { Dernarid } \
\text { (in millions) }
\end{array} & \begin{array} { c }
\text { Forecast } \
\text { (in millions) }
\end{array} \
\hline 2004 & 150 & 140 \
\hline 2005 & 170 & 180 \
\hline 2006 & 190 & 190 \
\hline 2007 & 270 & 290 \
\hline 2008 & 220 & 270 \
\hline 2009 & 150 & 250 \
\hline 2010 & 290 & 260 \
\hline 2011 & 320 & 280 \
\hline 2012 & 300 & 310 \
\hline
\end{array}$$ Suggest a suitable forecasting method that Benetton could utilize while predicting demand for the upcoming year.Describe the important factors that should be considered while selecting the forecast method.

Question

United Colors of Benetton is facing a serious problem.The global fashion garment manufacturer and retailer is well known for its speed of new product introduction.The firm is planning to introduce its 2013 summer collection and wants to estimate demand.Demand from past years are shown below.
 $$\begin{array} { | c | c | c | } 
\hline \text { Year } & \begin{array} { c } 
\text { Dernarid } \
\text { (in millions) }
\end{array} & \begin{array} { c } 
\text { Forecast } \
\text { (in millions) }
\end{array} \
\hline 2004 & 150 & 140 \
\hline 2005 & 170 & 180 \
\hline 2006 & 190 & 190 \
\hline 2007 & 270 & 290 \
\hline 2008 & 220 & 270 \
\hline 2009 & 150 & 250 \
\hline 2010 & 290 & 260 \
\hline 2011 & 320 & 280 \
\hline 2012 & 300 & 310 \
\hline
\end{array}$$ Suggest a suitable forecasting method that Benetton could utilize while predicting demand for the upcoming year.Describe the important factors that should be considered while selecting the forecast method.

Quizplus · Accepted Answer

The Answer of United Colors of Benetton is facing a serious problem.The global fashion garment manufacturer and retailer is well known for its speed of new product introduction.The firm is planning to introduce its 2013 summer collection and wants to estimate demand.Demand from past years are shown below.
 $$\begin{array} { | c | c | c | } 
\hline \text { Year } & \begin{array} { c } 
\text { Dernarid } \
\text { (in millions) }
\end{array} & \begin{array} { c } 
\text { Forecast } \
\text { (in millions) }
\end{array} \
\hline 2004 & 150 & 140 \
\hline 2005 & 170 & 180 \
\hline 2006 & 190 & 190 \
\hline 2007 & 270 & 290 \
\hline 2008 & 220 & 270 \
\hline 2009 & 150 & 250 \
\hline 2010 & 290 & 260 \
\hline 2011 & 320 & 280 \
\hline 2012 & 300 & 310 \
\hline
\end{array}$$ Suggest a suitable forecasting method that Benetton could utilize while predicting demand for the upcoming year.Describe the important factors that should be considered while selecting the forecast method.

United Colors of Benetton Is Facing a Serious Problem Suggest a Suitable Forecasting Method That Benetton Could Utilize While