Question: Forecasts based on averages. Given the following data: Period Number of Complaints 1 6 0 2 6 5 3 5 5 4 5 8 5
Forecasts based on averages. Given the following data:
Period
Number of
Complaints
Prepare a forecast for period using each of these approaches:
a The appropriate naive approach.
b A threeperiod moving average.
c A weighted average using weights of most recent and
d Exponential smoothing with a smoothing constant of
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