WidgeCorp became the market leader in snack foods after acquiring a rival company, Company W. Their management style and business decision-making differed. Employees at WidgeCorp collected relevant data and through statistical analysis used this information to draw conclusions and make appropriate recommendations. Company W tended to rely on the experience and judgment of its managers. For the time being, both companies are being managed separately, but within the next twelve months they will merge all management, processes, and accounting. You work for Company W and are a little nervous about this new way of working, but realize that you need to be able to present issues and recommendations with statistical verification to the WidgeCorp executives. You will also introduce and employ statistical analysis to the senior management of Company W’s various departments such as Marketing, Sales, and Production. Part of your job will be to educate Company W as well.
Understanding Business Drivers and Improving Business Forecasts
WidgeCorp is considering branching out into cold beverages. You have been asked to come up with a regression model to forecast monthly sales of cold beverages for the next year. Think about what variables you might include in your model (you do not need to run a regression and therefore you will not need actual numbers. You just need to identify and justify your selection of variables that you would include in your model).
Your manager asks for your thoughts.
Respond to anybody who asks you to explain your variable selection (as per the previous question).
In your own words, please post a response to the Discussion Board and comment on other postings. You will be graded on the quality of your postings.
For assistance with your assignment, please use your text, Web resources, and all course materials.