Each forecasting technique has strengths and weaknesses, and every forecasting situation is limited by resource constraints like data, time, capabilities, and cost. Balancing the merits and demerits of techniques based on constraints and necessities is challenging and important task of management. The applicability of an appro- priate forecasting model for a retail industry can be decided based on some important technical selection criteria as follows (Arm- strong, 2001b; Georgoff and Murdick, 1986; Herbig et al., 1993):