The analysts at Swirlees, a brand of ice-cream, are asked to assess revenue generated over the past five years to observe seasonal and historical trends so that they can make a business estimate for the next year. After extensive analysis, they arrive at the conclusion that the sales were highest during the months of July and August, the summer months in the country, and an all-time low during January, the peak of winter. Which of the following tools would best help them in making an estimate for the upcoming year?
A)goal-seeking analysis
B)forecasting
C)market basket analysis
D)what-if analysis

Question

Quizplus · Accepted Answer

Forecasting would be the best tool in this scenario as it involves analyzing past data to predict future outcomes. In this case, the analysts can use past sales data to forecast the potential revenue for the upcoming year, taking into consideration the seasonal trends observed.

The Analysts at Swirlees, a Brand of Ice-Cream, Are Asked