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Business, 30.11.2019 04:40 dannies

Using historical data of similar products sold in the previous season and looking at their a/f ratio (actual demand/forecasted demand) is one way of establishing the variation in the forecast accuracy. this method allows us to calculate a mean and standard deviation for a product's forecast based on a forecast given by marketing. for example, marketing thinks we will sell 3,200 hammer 3/2s. using the historical data, we adjust this forecast to: expected actual demand for hammer 3/2 (μ) = 0.9975 × 3,200 = 3,192. standard deviation of actual demand (σ) = 0.369 × 3,200 = 1,181. explain why this adjustment and information is useful for operations.

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