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03-06-2023
Business

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.Givin the following data on the number of cups of night crawlers sold at a local bait, shop for a 6-period time frame:
Period Demand 1 225 2 230 3 240 4 255 5 280 6 310 a. Use a 3-period moving average to farecast demand for period 7.
b. Forecast the demand for the monith period 7 using weighted moving average method. Weights for last three periods (t−1,t−2, and t-3) are 0.5, 0.3, and 0.2 respectively.
c. If the Actual demand for period 7 is 290 , calculate the forecast errors for 3 month moving average method and weighed moving average method. d. Which method would you choose? Explain why. [S points - extra Credit]

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