Answered: Find the monthly forecast and seasonal…

Business

Operations Management

Find the monthly forecast and seasonal indices for year 2021, given the following data:

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter13: Regression And Forecasting Models

Section13.3: Simple Regression Models

Problem 9P

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Question

Q3) You work for BMW as a planner. BMW sold 1,081,000 of its BMW-X5 cars in 2019 and sold 1,189,100 of its BMW-X5 cars in 2020. BMW is expecting to increase its annual sales for BMW- X5 in year 2021 by 10% compared to year 2020 (total sales volume = 1,308,010). Find the monthly forecast and seasonal indices for year 2021, given the following data:

(Please considers the monthly seasonal effect)

MONTH	Actual Car Sales (2019)	Actual Car Sales (2020)	Forecasted Car Sales (2021)
Jan	80,000	88,000
Feb	85,000	93,500
Mar	86,000	94,600
Apr	90,000	99,000
May	92,000	101,200
June	100,000	110,000
July	120,000	132,000
Aug	90,000	99,000
Sept	86,000	94,600
Oct	85,000	93,500
Nov	84,000	92,400
Dec	83,000	91,300

Leveraging special tenchniques in analyzing historical data to predict future trends. Forecasting covers the methods and types of forecasting and their application to case studies.

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