Sales Forecasting

Time series analysis involves:

• Analysing past data

• Predicting future sales

• Assuming past data is a reliable indicator of future sales

• All of the above

The four components that a business tries to identify in time series data is:

• Random fluctuations, trends, seasonal fluctuations, constant fluctuations

• Random fluctuations, moving data, seasonal fluctuations, cyclical fluctuations

• Random fluctuations, trends, seasonal fluctuations, cyclical fluctuations

• accurate predictions, trends, seasonal fluctuations, cyclical fluctuations

In a time series analysis, a piece of data that stands out from any trend is a:

• Cyclical fluctuation

• Unusual trend

• Seasonal fluctuation

• Random fluctuation

Trends are best described as:

• Fashion trends

• Changing trends

• Patterns in the figures

• Data variations

Allowing the business to plan orders of supplies and components is:

• a benefit of sales forecasting

• a drawback of sales forecasting

• a factor influencing sales forecasting

• a trend of sales forecasting

Today, the most popular use of a smartphone is not the "phone", but the ability to access the internet. This is a lot different to when phones were first introduced in 1980. This is an example of:

• Changing forecast trends

• Changing cyclical trends

• Changing seasonal trends

• Changing consumer trends

Changing consumer trends from petrol cars to environmentally-friendly cars is an example of:

• Economic trends

• Actions of competitors

• Seasonal variations

• Long-term trends

Fashion trends are:

• highly unpredictable

• trends that change often

• factors that influence sales forecasts

• All of the above

Economic variables, which influence sales forecasting, are:

• measurements of different aspects of industries that give an indication of how the economy is performing

• measurements of different aspects of an economy that give an indication of how that economy is performing

• measurements of exchange rates in an economy that give an indication of how that economy is performing

• measurements of different aspects of an economy that give an indication of how that industry is performing

Generally, strong economic growth will lead to:

• a lower sales forecast

• Rising unemployment

• seasonal fluctuations

• a higher sales forecast