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You are the production manager at a pharmaceutical manufacturing company in Malaysia. The company is determined to improve its demand forecasting methods and explore different
You are the production manager at a pharmaceutical manufacturing company in Malaysia. The company is determined to improve its demand forecasting methods and explore different approaches to achieve more accurate forecasts. You have demand data record for the last five months, from June to October 2023, as shown in Table 1. Table 1 / Jadual 1 (a) Calculate a three-month moving average forecast for November 2023 using the historical demand data for June, July, August, September, and October 2023. Provide the forecasted value and plot a graph showing the demand record and the moving average forecast. ( 15 ) (b)Based on the company's needs and historical data, recommend one forecasting approach that would be most suitable for improving demand forecasting in the pharmaceutical industry
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