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IN 150 WORDS OR MORE if we were deciding how much candy to stock our retail...

IN 150 WORDS OR MORE

if we were deciding how much candy to stock our retail store with during the Easter holiday, what type of analytic would we use and why?

Business   Operations-Management   
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Answer #1

To estimate the amount of candy that needs to be stocked in retail store before Easter holiday, we need to perform demand forecasting. Demand forecasting is predicting the future demand of consumers for the product. Based on the results of demand forecasting, the retail store can estimate the sales of candy and therefore, stock the products accordingly. Demand forecasting can be done by studying the previous demand patterns and sales of the product in last 5 years and the existing demand trend in the market.

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