Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Actual demand for a product for the past three months was Three months ago 400 units Two months ago 350 units Last month 320 units
Actual demand for a product for the past three months was |
Three months ago | 400 units |
Two months ago | 350 units |
Last month | 320 units |
a. | Using a simple three-month moving average, make a forecast for this month. (Round your answer to the nearest whole number.) |
Forecast for this month | units |
b. | If 290 units were actually demanded this month, what would your forecast be for next month, again using a 3-month moving average? (Round your answer to the nearest whole number.) |
Forecast for the next month | units |
c. | Using simple exponential smoothing, what would your forecast be for this month if the exponentially smoothed forecast for three months ago was 450 units and the smoothing constant was 0.30? (Round your answer to the nearest whole number.) |
Forecast for this month | units |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started