Question

What is the primary benefit of creating a product family or aggregated forecast?

Answer 1

The primary benefit of creating a product family or aggregated​ forecast is to minimize forecast errors,

What is an aggregated​ forecast?

This refers to the sales forecast for a group of products or customers. It could also be a forecast of all the products within a family, all customers in a given region for the sales, or the total forecast for the year or budgetary period.

In general, the aggregate forecasts are usually more accurate as they tend to have a smaller standard deviation of error relative to the mean.

Therefore, the primary benefit of creating a product family or aggregated​ forecast is to minimize forecast errors.

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