Question: Omar wants to develop a simple forecasting method to help him know how many apprentices to hire, how much wood to purchase, and so forth.
Omar wants to develop a simple forecasting method to help him know how many apprentices to hire, how much wood to purchase, and so forth. The table below contains demand information for the past six months:
| Month | J.S. Carvings Sold |
|---|---|
| 1 | 54 |
| 2 | 54 |
| 3 | 46 |
| 4 | 40 |
| 5 | 55 |
| 6 | 46 |
What is the3-month moving averageforecast for carvings to be sold in Month 7? (Display your answer to twodecimal places.) Using a 3-monthweighted moving average (with last month's weight as 0.5, two months previous as 0.3, andthree months previous as 0.2) what is the forecast for Month 7? (Display your answer to two decimal places.)
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
