Describe some of the uses/purposes of forecasts in Tim Horton, and the tools/methods that are used...

Question

Question

Describe some of the uses/purposes of forecasts in Tim Horton, and the tools/methods that are used to forecast.

Answer 1

Answer #1

There are several purposes of forecasts as applicable for the company - Tim Horton, such purposes are as stated below:

We could build resource and manpower planning based on such forecasting data.
We could understand fund requirements and we could set up budget for various tasks based on the forecasted demand.
We could bring improvement in the sales pipeline, here, we could understand the quantitative figure of target audiences, we could also control budget for advertising, campaigning.
We could derive various tasks as to be scheduled in the near time, improve the pricing policy.

Following are the methods that are to be used to forecast, these are as stated below:

We could take historical demand information over several periods, based on such information, we could evaluate intercept and slope value, we could build equation for demand forecast using period value, intercept and slope value, hence, these ways, and we could calculate demand forecast for any upcoming period.
Again, we could apply moving average forecast method, here, we will take average of period 2 months or 3 months demand and we could calculate forecasted demand of next month or period,
we could also use exponential smoothing forecast, here, we will take smoothing constant, considering such smoothing contestant, demand value of previous month and forecast value of previous month, we could build forecast for next month.

In all cases, we will calculate Mean absolute deviation to understand which forecasting method comes with lowest possible deviation.

Answer 2

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