Your company designs and manufactures apparel for the North American market. Clothing and apparel is a style good, with a relatively limited life. Items not sold at the end of the season are usually...

Your company designs and manufactures apparel for the North American market. Clothing and apparel is a style good, with a relatively limited life. Items not sold at the end of the season are usually sold through off-season outlet and discount retailers. Items not sold through discounting and off-season merchants are often given to charity or sold abroad.

a. What forecasts do you need in this business to be successful?

b. Are these short-range or long-range forecasts?

c. What data do you need to be able to generate these forecasts?

d. What are the implications of forecast errors?