Instructions: This exercise is due Sunday, 11/8 by 11:59pm. 5 points will be deducted for late submissions. There are six parts to this exercise. For each calculation, show the formula you are using and show your work. Students should complete this exercise independently. I am available to answer questions and provide guidance however questions after 7pm Sunday may not be responded to until Monday. Overview: Bob's Manufacturing makes gizmos for stock. Bob's forecasts how many gizmos to make each month based on the orders received in the past. The demand for gizmos has low seasonal variety and they only forecast one month in advance. In the past Bob's has used a simple 3-month moving average forecasting method to determine the forecast. The new operations manager, Terry, wants to determine if that is the most accurate forecast method for their products. Terry has provided you with actual demand for the past 12 months. Actual Month Demand Jan 2019 318 Feb 2019 305 345 311 254 308 Mar 2019 Apr 2019 May 2019 Jun 2019 Jul 2019 Aug 2019 Sep 2019 Oct 2019 Nov 2019 290 340 250 334 300 Dec 2019 390 Jan 2020 3) If they had used exponential smoothing with a smoothing constant of 0.2, what would the forecast have been for each month, Jul Dec? Hint: calculate the 3-month moving forecast for Jun to begin your calculations. (5pts)