Question: Problem 2 (10 Marks) - FORECASTING At AW Fraser Engineering, Jason is trying to determine workload plans for the coming months. One of the key

Problem 2 (10 Marks) - FORECASTING At AW Fraser

Problem 2 (10 Marks) - FORECASTING At AW Fraser Engineering, Jason is trying to determine workload plans for the coming months. One of the key products produced is a particular type of Bronze Bearing that is highly demanded by industrial customers. Monthly demand for Bronze Bearing is given in the table below. a. Compute a 3-month moving average forecast for months 4 through 9. (Marks: 3) b. Compute a 3-month weighted moving average forecast for months 4 through 9 . Assign weights of 0.55,0.33 and 0.12 to the months in sequence, starting with the most recent month. (Marks: 3) c. Compare the two forecasts using MAD. Which forecast would you advise Jason to use, and why? (Marks: 4)

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