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Forecasting is the process of using data from previous intervals to determine future data. Meteorologists use data from previous weather events to predict future weather patterns. In a similar way, sales can help to predict future inventory stocking needs by accumulated data from previous years. The first step in the process is to create an index for each month by dividing the current month by the index (or first) month. For example, month one of the first year is equal to 55,200. Month one of the second year is equal to 39,800. Dividing the second year by the first year gives an index result of 0.721014. An index number smaller than one indicates a decrease in the number from the first year to the second, and an index number greater than one shows an increase from one year to the next. The following chart shows the resulting index for each month. By using linear regression, the plot yields a solvable slope intercept formula to determine future inventory needs.
The resulting formula, y = 0.203x + 0.403, can be extrapolated to find the index for the fourth year using x = 4.…
Data Warehousing: A Strategic Weapon of an Organization. Within Chapter One, an introduction to the study will be provided. Initially, the overall aims of the research proposal will be discussed. This will be followed by a presentation of the overall objectives of the study will be delineated. After this, the significance of the research will be discussed, including a justification and rationale for the investigation. The aims of the study are to
The distributor would as such be able to identify the new needs of the customers and the suppliers, and will be able to serve them in quick and efficient manner, by delivering results before the competition even becomes aware of the existence of the changes incurred. In other words, competitive advantages would be created (Royer, 2005). Within the longer term, a suggestion is made in the combination of qualitative
Forecasting Sales Forecast for Riordan Manufacturing Riordan Manufacturing is pursuing a growth strategy, with a stated target of increasing sales by $50 million by the end of 2007. According to the annual invoices issued for 2005, the firm already has annual sales of $50.8 million; this is a target to effectively double the demand over a period of two years. The sales will be achieved through increasing sales to existing customers, which
All of these factors combined to form the catalyst of the data warehouse project being made a higher priority than the many other competing projects within Wal-mart at the time. At a cost of approximately $3M in software and $9M in services and training, Wal-Mart partnered with Hewlett-Packard and became one of the first companies to adopt the HP Neoview data warehousing system. One of the key reasons for Wal-Mart
Data Mining The amount of knowledge available in today's world is massive. The information technology specialist who's responsible to his or her organization for maximizing the capacity for practical usage of this knowledge, it is becoming increasingly difficult to have a total grasp of the problem. The purpose of this essay is to discuss the importance of implementing data warehousing and mining systems inside an organization. In order to do this,
Data Warehousing and Mobile Computing Walmart is the largest company in the world with the estimated one million customers every hour and more than 100 million customers every week. A large number of customer and gigantic supply chain make the company start using the RFID system to track moving items and manage the supply chains. However, the RFID produces gigantic datasets, which may be challenging to store in the relational database.