Identify examples of three products that display seasonality of demand. What are seasonal indices (aka, seasonal...
Identify examples of three products that display seasonality of demand. What are seasonal indices (aka, seasonal relatives) and what purpose do they serve in the process of seasonal forecasting?
Homework Answers
Three products that display seasonality are ice creams, that even though are available in the winter season, does not have as much demand or sales, warm clothes, since the clothes we buy in summer we can still wear them during the winter but the same is not correct the other way around, and even cosmetic products show a seasonality from sunscreens having a better sale in the summer season to moisturizers being used more in the winter.
Seasonality index is a simple representation of the average demand in a particular season, month or year which shows a similar variability throughout a given historical dataset.
Seasonality index is simply the value of average demand in those similar periods of variation divided by the average order in the entire period.
It allows us a more fundamental understanding of forecasting the demand for the next period simply by multiplying the expected demand with the seasonality factor.
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