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12 marksForecasting Techniques

CAPE Management of Business Unit 2 · 2006 · Paper 2 · Question 1(a)

Huckleberry Processing Inc. produces lamb and faces carcass shortages. The Production Manager, Mr. Knowles, is considering forecasting via least squares regression or consumer surveys.

Identify the FOUR MAIN steps involved in customer surveys and explain how they can be used to establish a forecasting system for the business.

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Other parts of this question

  1. 1(b)Explain TWO strengths and TWO weaknesses of customer surveys compared to least squares regression as methods of forecasting.[8 marks]
  2. 1(c)Recommend and justify a forecasting method to Mr. Knowles.[5 marks]

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