For Questions 3 and 4, use the following time series data:

MONTH	DEMAND
1	221
2	232
3	223
4	248
5	223
6	230
7	313
8	305
9	319
10	313
11	294
12	322

Question 3(10 points)

Develop a three-period moving average forecast for periods 4-13. Calculate the MFE, MAD, and MAPEusing data and forecasts for periods 4-12.

Question 4(20 points)

Develop two exponential smoothing forecasts: one with alpha = 0.2 and another with alpha = 0.7 for periods 2-13. Assume your forecast for period 1 was 220. Calculate the MFE, MAD, and MAPEvalues using data and forecasts for periods 2-12 for both forecasting models. Which model has lower MFE, MAD, and MAPE values? Why?