To support your work, use your course and text readings and also use outside sources. As in all assignments, cite your sources in your work and provide references for the citations in APA format.
Select a product that you can purchase at a grocery store or at a discount retailer and respond to the following:
- Identify the factors that would impact the demand for the product that you have selected.
- If you wish to develop a forecast of the demand for this product in a future month (or for other appropriate time period), identify what type of forecasting method would be appropriate.
- Identify the variables for which you would need values to be able to calculate an actual forecast for a future month (using the forecasting method you selected).
- Create an equation that you believe would accurately predict the demand for this product in a future month and solve the equation to derive a forecast for this product in the future month that you had selected.
Justify your answers using examples and reasoning.