2. The table given below shows monthly demand in the last 3 years. Month 1 2 3 4 5 6 7 8 9 10 11 2018 88 108 104 80 112 108 132 120 96 108 92 100 2019 104 116 124 104 136 128 148 132 124 120 100 120 2020 110 120 140 120 136 148 152 136 144 148 124 140 12 (a) Use the data obtained in years 2018 and 2019 to determine the initial estimates of level, trend and all seasonal factors. Explain how you calculated the initial estimates. (14 marks) (b) Use the Exponential Smoothing with Trend and Seasonality to forecast demand in 2020 on a monthly basis. Assume that smoothing constants are level a = 0.1, trend B=0.2, and seasonality y = 0.3. Implement the method using Excel. Forecast demand for January, 2021 and March, 2021. Select one row in the table which refers to any month in 2020 and explain how you calculated the level, trend and seasonal factor for that month and how you calculated the forecast for the following month. Which formula you used? Also, explain how you calculated the forecasts for January, 2021 and March, 2021 and which formula you used. (36 marks) 2. The table given below shows monthly demand in the last 3 years. Month 1 2 3 4 5 6 7 8 9 10 11 2018 88 108 104 80 112 108 132 120 96 108 92 100 2019 104 116 124 104 136 128 148 132 124 120 100 120 2020 110 120 140 120 136 148 152 136 144 148 124 140 12 (a) Use the data obtained in years 2018 and 2019 to determine the initial estimates of level, trend and all seasonal factors. Explain how you calculated the initial estimates. (14 marks) (b) Use the Exponential Smoothing with Trend and Seasonality to forecast demand in 2020 on a monthly basis. Assume that smoothing constants are level a = 0.1, trend B=0.2, and seasonality y = 0.3. Implement the method using Excel. Forecast demand for January, 2021 and March, 2021. Select one row in the table which refers to any month in 2020 and explain how you calculated the level, trend and seasonal factor for that month and how you calculated the forecast for the following month. Which formula you used? Also, explain how you calculated the forecasts for January, 2021 and March, 2021 and which formula you used. (36 marks)