Answered step by step
Verified Expert Solution
Question
1 Approved Answer
You are the production manager at a pharmaceutical manufacturing company in Malaysia. The company is determined to improve its demand forecasting methods and explore
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 Month / Bulan June 2023 July 2023 August 2023 September 2023 October 2023 Demand / Permintaan 1200 1300 1250 1400 1350 (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. (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.
Step by Step Solution
★★★★★
3.45 Rating (164 Votes )
There are 3 Steps involved in it
Step: 1
Answer a To calculate a threemonth moving average forecast for November 2023 we will average the dem...Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started