Part 3: Forecasting We've outlined several tools and techniques that have been used in business to improve organizational efficiency and effectiveness. One important component that supports this goal is forecasting. Inaccurate forecasts lead to a mismatch between supply and demand for a product or service leading to operation strategy execution problems. Being able to apply forecasting techniques to better manage demand and increase customer satisfaction is a necessary skill. 3.A Forecasting Historical demand for a product is: Month Demand January 12 February 11 March 15 April 12 May 16 June 15 a. Using a weighted moving average with weights of 0.60, 0.30, and 0.10, find the July forecast. b. Using a simple three-month moving average, find the July forecast. c. Using single exponential smoothing with D-0.2 and a June forecast 13, find the July forecast. Make whatever assumptions you wish. d. Using simple linear regression analysis, calculate the regression equation for the preceding demand data. e. Using the regression equation in d, calculate the forecast for July. f Use MSE and MAD to evaluate performance of these models. Which model would you recommend for forecasting? Justify your answer. Briefly describe the likely impact of these calculations on efficiency and effectiveness. Also address how accurate forecasting impacts demand management and business performance?