Anyone who wishes to register for a new vehicle in Singapore must first obtain a Certificate of Entitlement (COE). The COE represents a right to vehicle ownership and use of the limited road space for 10 years. Table 4-1 shows the 2019-2020 COE price for Category B, which is for cars above 1600cc. Table 4-1 2019 COE Price ($) 2020 COE Price (S) July 39936 January 37109 August 40001 February 30890 September 36001 March 32801 October 41361 April 30008 November 40009 May 31186 December 36000 June 30808 (a) Compute the forecasted COE price for the July 2020 using 3-Month and 4-Month Moving Average. (8 marks) (b) Compare the two (2) forecasting methods and discuss which forecasting method is preferred, based on actual and forecasted COE prices from November 2019 to June 2020. Show your workings. (7 marks) (c) Illustrate how forecasting techniques could be used by the authority to aid their decision making in managing the COVID-19 outbreak in the community. [Note: This question is independent of Question 4(a) and Question 4(b).] Forcasting is the beginning of virtually every planning process and nevertheless it is needed There are two types of forecasting methods, qualitative technique, and quantitative technique. Qualitative techniques consist of mainly of subject inputs, which often called "soft information" such as human factors, personal opinion, hunches, etc. Qualitative methods are used especially when data are not available, or not applicable. Quantitative technique consists of mainly of analysing objective, or "hard data" (historical data). Quantitative techniques perform best especially when fundamental assumption of forecasting prevails (e.g. usage of utility).|