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What are some of the potential benefits of a more formalized approach to forecasting?

Questions:
1. What are some of the potential benefits of a more formalized approach to forecasting?

2. What is your weekly forecast for periods F15 to F18 for each of Product 1 and Product 2. Explain your choice of technique for each product. Also, for each product, you must plot the data for the first 14 weeks and then provide another graph showing the plotted data for all 18 weeks – which includes your new forecast period. 

(Hint: When you look at the plotted data for your full 18 weeks, do you see any change in the behavior you had observed in weeks 1-14? If the formula you have chosen does not continue the behavior you saw in weeks 1 – 14, your formula might be incorrect. Try another formula. If you still see a change in behavior when you plot the data, you might have to make a management decision to manually adjust the numbers based on what you see). Just ensure you explain what you are doing. Your text allows you to use the Excel templates but I want to see your work and not just the Excel template.


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