2. 0 Boecw d You are the CEO, at 'Power and Light,'. You have been collecting data on demand for electric power in your region for only the past 2 years. Those data are shown below. (10 marks) (L4) (CO2) Month: J F Last year: 5 6 This year: 17 14 M22 A M J J 10 13 18 15 23 20 23 30 38 44 A24 26 41 S23 0 N D 21 15 12 33 23 26 177 14 17 To plan for expansion and to arrange to borrow power from neighbouring utilities during peak periods, you need to be able to forecast demand for each month next year. However, the standard forecasting models we discussed in the class will not fit the data observed for the 2 years. a. b. C. Could you say why? What are the weaknesses of the standard forecasting techniques as applied to this set of data? Because known models are not appropriate here, propose your own approach to forecasting. Although there is no perfect solution to tackling data such as these (in other words, there are no 100% right or wrong answers), justify your model. Forecast demand for each month next year using the model you propose.