sales forecasting

Question 1

forecasting

Answer 1

a business process, assessing the probable outcome using assumptions about the future

Question 2

time series analysis

Answer 2

using past data to predict future sales

Question 3

what does it predict

Answer 3

future sales of products
effect of promotion on sales
possible changes in market size
how sales will fluctuate

Question 4

how is %change calculated

Answer 4

difference/original (x100)

Question 5

4 components that a business observes

Answer 5

trend (pattern indicated from figures)
seasonal fluctuations
cyclical fluctuations (highs and lows in sales figures)
random fluctuations

Question 6

limitations

Answer 6

only an assumption