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TRL3707 ASSIGNMENT 1 SEMESTER 2 2022
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TRL3707Assignment number: 01
SEMESTER 2
Due: 2022
DOCUMENT PREVIEW:
Introduction
This assignment discusses and explain various forecasting techniques to help in
customer demand planning. It also suggests the best and suitable forecasting method
applicable to Tumi Florists. It provides an explanation on the applicable forecasting
technique. Further, it discusses the inventory holding risks to Tumi Florists.
, TABLE OF CONTENTS
Introduction Page 02
Forecasting techniques Page 02
Forecasting technique limitations Page 09
Risk of inventory holding Page 10
Conclusion Page 13
References Page 13
Introduction
This assignment discusses and explain various forecasting techniques to help in
customer demand planning. It also suggests the best and suitable forecasting method
applicable to Tumi Florists. It provides an explanation on the applicable forecasting
technique. Further, it discusses the inventory holding risks to Tumi Florists.
2.
Explain the different forecasting techniques which may assist in customer
demand planning. 7 marks
Forecasting of demand generates periodic forecasts by use of appropriate
mathematical or statistical techniques selection by matching the situation
characteristics with the forecasting technique abilities.
The criteria for evaluating the technique applicability includes the value of forecasting
accuracy, experience of the forecaster, data availability, data pattern type and forecast
time horizon.
A forecast technique must be qualitatively and quantitatively evaluated based on the
value of forecasting accuracy, experience of the forecaster, data availability, data
pattern type and forecast time horizon criteria.
Causal
A causal technique develops a relationship between a lead event and forecasted
activity, uses refined information and specific information such as regression variables.
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