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1. Trend projection Here data of past sales is used to project future sales. This is the simplest and most straightforward method of demand forecasting. 2. Market research This is based on data from customer surveys. Time and effort is required to prepare and send out surveys and tabulate data. 3. Sales force composite This method uses the experience of the sales team in a company. Feedback from the sales group is used to forecast customer demand. 4. Delphi method Demand forecasting experts from outside the firm are involved in this method. Several rounds of questionnaires are held which are to be responded anonymously until the group of forecasting experts comes to a consensus. 5. Econometric A mathematical formula is created to predict future customer demand. Here, statistical tools and economic theories are combined to estimate the economic variables and to forecast the intended variables.
For the study purpose, the mean of the observations is 148 gm and standard deviation is 17.4 gm. Approximately, the coefficient of variation equals to:
Following two statements are related to regression coefficient
(I) Independent of the change of origin
(II) Independent of the change of scale
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For the recorded observation, the coefficient of variation is 0.2 and the variance is 16. The arithmetic mean is:
If the random sample of size n is drawn without replacement from a finite population of size N, the correction factor for standard error of sample mean...
Two data set of size 9 and 6 have standard deviation 3 and 4 respectively and arithmetic means 3 and 3 respectively. The standard deviation of combined...
The arithmetic mean of the following frequency distribution of number of accidents X on week working days is:
X:Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â...
The grouped data for the observation are as follows.
Class :Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 2-4Â Â Â Â Â Â Â Â 4-6Â Â Â Â Â Â Â Â Â 6-8...
Five persons A, B, C, D and E occupy seats in a row at random. The probability that A and B sit next to each other is: