Question 2 Actual demand of a 3D printing company for 2020 are shown in the table below. (i) (iii) In your own words, explain ONE (1) application of moving average method in business. (4 marks) Find the forecast for Jan 2021 by using the following methods: Simple 3-month moving average (SMA). (3 marks) Weighted Moving Average WMA (3 months), with latest month weight = 3,2 months ago weight = 2, 3 months ago weight = 1 (3 marks) Exponential Moving Average (EMA) with the smoothing constant -0.5, month and Jan 2020 forecast - 250. (3 marks) Compare the forecasts above using MAD, MSE and MAPE. Identify the forecast method that gives the most accurate results. (3 marks) (iv) (v) Month Actual Demand (S '000) 250 Forecast ($ 000) January 2020 + February March April May June July August September October November December January 2021 230 240 300 280 270 310 350 330 340 300 360 (b) BP Carroll corporation has registered the demand of personal care products with respect to average selling price for the last 4 Quarters as follows. Quarterly Demand (Metric Ton) Average Selling Price per Metric Ton (S '000) 2,238 23 3,327 20 2,859 24 3,299 21