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In: Statistics and Probability

[13 marks] A company is interested in forecasting demand for a product. They have reason to...

Period	1	2	3	4	5	6	7	8	9
Demand	230	210	220	250	300	280	240	230	200

In each part of this question, show your work: show the equation you use, how you plug in, and your final answer. Please do not round any answers.

a) [3 marks] Use a 4-period moving average to forecast demand for period 10.

b) [3 marks] Use a 3-period weighted moving average to forecast demand for period 10 using weights of 0.6, 0.3, and 0.1, respectively. Show your work.

c) [3 marks] Suppose the forecast for period 9 was 235 units. Use exponential smoothing with a smoothing constant of 0.6 to forecast demand for period 10.

d) [4 marks] Suppose the actual demand in period 10 was 211 units. Which of your forecasting methods from parts a through c performed best, and why? Please provide a table and make your conclusion based on your table.

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Expert Solution

orchestra answered 1 year ago

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