The purpose of this exercise is to gain some insight into making forecasting decisions.
Suppose that I plan to buy chocolate chip cookies from a bakery and bring them to the next class to sell. Each cookie costs 75 cents to purchase. I plan to sell them for a dollar each.
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Please note: When answering the questions, there are 29 students.
1. Estimate how many I should purchase in order to maximize profit. Briefly explain your logic.
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2. What factors would cause you to change your forecast? (For example, does the day of the week, time of the class, or season of the year affect the forecast?)
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3. Would your forecast differ if the selling price changed? How?
4. Would your forecast differ in a post-COVID environment? How?
