Activity - Order Predicting Problems

The problems involved with predicting orders include the data being predicted not being correct resulting in a large number of products not being sold resulting in a loss for the company, This is also the time that many people will be buy Christmas presents before the big rush meaning that products may go out quicker then expected resulting in large reorders to be done which will cause a the cost of paying for the emergency orders to increase.

The model shows us what may happen if the people buy do the same as previous years but many people will probably change their buying habits due to changes to the economy or just finding cheaper items that will affect business and leading to products we have bought not selling due to lack of customer interest.

We need to also know what customers buying habits are because customers change their habits to suit themselves, we must make a questionnaire where customers choose the shoe they are most likely to buy and order in stocks of this shoe so that we can meet demand the only problem is that some customers may lie or not take part in the questionnaire resulting in a lack of customers input an ultimately a failure.

Data Sources - What are they?

Data sources come in many different forms such as printed objects which include books and newspapers, digital forms such as Statistical websites which include the CIA fact book, sensors can also be used to source data as they are used to measure the temperature, database are also another data source as they store data that can be updated and information can be searched via queries and surveys which allows companies to get customer opinions on products.

The best data source their in my opinion is surveys as this allows companies to get the opinions on what customers like and dislike and allows the companies to change the ways in which their products appeals and unappeals to their customers.