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Demand (Yt) for milk (in gallons) at a local grocery store is as follows during the past 8 months. Week Demand (Yt) 1 200 2

Demand (Yt) for milk (in gallons) at a local grocery store is as follows during the past 8 months.

Week

Demand (Yt)

1

200

2

210

3

190

4

185

5

198

6

205

7

195

8

207

  1. What are the forecasted demands (Ft) using the 3 MA (3-period moving average) method and the exponential smoothing method (use =0.2)? Please show all the relevant calculations. (10 points)
  2. Calculate the MAE, MSE & MAPE values for the 3 MA (3-period moving average) method and the exponential smoothing method ( use =0.2). Please show all the relevant calculations. Which method do you recommend for future demand predictions based on the MAPE criterion and why? (10 points)

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