Question: Please answer! Thank you(: Problem 1. (8 points) A manager recorded the number of gallons of ice cream sold for the past six periods. He

Please answer! Thank you(:
Problem 1. (8 points) A manager recorded the number of gallons of ice cream sold for the past six periods. He asked you to choose a forecasting model to predict the demand for gallons of ice cream in Period 7. You consider applying a two-period moving average model and a two-period weighted moving average model with weights of 0.60 and 0.40. a) Which model is better for this data set (hint: show all your work and calculations using measures of forecast accuracy)? (7 points) b) What is the forecast of demand for period 7 considering the best model? (1 point) Period Demand 1 65 2 78 3 82 4 72 5 78 6 86Step by Step Solution
There are 3 Steps involved in it
1 Expert Approved Answer
Step: 1 Unlock
Question Has Been Solved by an Expert!
Get step-by-step solutions from verified subject matter experts
Step: 2 Unlock
Step: 3 Unlock
