Which Forecasting Technique is “Best”?
NB. Please read the text in italics carefully; they are advisory notes.
NB. This assignment is based upon the Data Sets presented in Appendix A; please examine this data very carefully, BEFORE attempting to answer the assignment questions.
NB. Make sure that you answer BOTH PARTS of this Assignment; which tests Learning Outcomes a), c) & d) for the IT Applications Module.
Part 1 Create a spreadsheet; which applies a range of forecasting techniques, to the 3 x Data Sets presented in Appendix A. (40 Marks)
NB. These forecasts MIGHT include techniques such as; Moving Average, Exponential Smoothing & Linear Trend, however;
NOT ALL of the data sets are suitable for you to apply ALL of the forecasting techniques listed above.
DO NOT, however, feel limited by the above list of forecasting techniques, as;
your discussion (see below) may well be enhanced by the ability of your spreadsheet to apply other forecasting techniques.
Part 2 Write a report; which discusses/explains which forecasting techniques is ‘best’. (60 Marks)
NB. This report;
a) MUST be illustrated by the results of your forecasts of the Data presented in Appendix A (i.e. from Part 1, above).
b) MUST make reference to the relevant literature; i.e. where BOTH the forecasting techniques you have applied, and other forecasting techniques, are explained/discussed.
What you need to hand-in?
1. An Excel spreadsheet, containing ALL of your forecasts of the Data presented in Appendix A (i.e. your answer to Part 1), saved with your Student ID as the file name (e.g. 201199999.xlsx).
2. A Word document, once again saved with your Student ID as the file name (e.g. 201199999.docx), which attempts to answer the question ‘Which Forecasting Technique is “Best”?’ (i.e. your answer to Part 2).