Answer ALL Questions Question 1 (25 marks) Metal Company is a manufacturer of knives and forks. For several months this company has kept a record of the demand for knives. To help schedule production, the production manager would like to use moving averages and exponential smoothing observations to prepare a forecast of what the demand will be during the coming month. The actual number of observations is specified by manager shown in table below. (1) (2) (3) 2019 Time Observed Month Period Demand January 2000 February 1350 March 3 1950 April 4 1975 May 5 3100 June 6 1750 July 7 1550 August 8 1300 September 9 2200 October 10 2770 November 11 2350 December 12 Calculate the forecast with: a) a three-month & five-month single moving average (4 marks b) MAD, MAPE & MSE (for SMA) which method has the best forecast? (4 marks) c) a three-month & five month weighted moving average (4 marks) d) MAD, MAPE & MSE (for WMA) which method has the best forecast? (4 marks) e) exponential moving average (a = 0.1, a = 0.5 & a = 0.9) (4 marks) f) MAD, MAPE & MSE (for EMA) which method has the best forecast?