Appropriate Forecasting Technique for Aldi Foods
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What would be the most appropriate forecasting technique or combination of forecasting technique(s) for Aldi Foods to use to meet customer requirements in its German market?
Forecasting techniques include qualitatitve, time series, causal.
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The solution discusses appropriate forecasting technique for Aldi Foods.
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Forecasting Techniques
Forecasting is the methodology utilized in the translation of past experiences in an estimation of the future. The German market presents challenges for forecasting techniques especially for its retail segment. Commercially oriented organizations are used to help during forecasting as general works done by academic scientists are not easy to come across (Bonner, 2009).
The qualitative method of forecasting is one in which an educated opinion of relevant individuals is taken. This could be from panels of experts, surveys, management, or any other regarded and reputable source of knowledge. The time series forecasting method is part of the quantitative forecasting method in which the analysis of historical data; usually measured within successive intervals or over successive periods is used. The time series forecasting method makes use of assumptions of past patterns observable within data, data points from which data is derived from for the forecasting. ...
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