Problem Statement: Demand Forecasting Methods You are tasked with forecasting demand for a product in July, 2020. The Time Series of historical demand in the most recent 6 months is provided in the table: Month-Year (t) Demand (Dt) January-20 160,700 February-20 122,800 March-20 410,000 April-20 405,000 May-20 410,155 June-20 280,000 In the following questions, you are asked to forecast demand in July, 2020 using various methods. Please conduct your forecasting in MS Excel, report your results in the following questions, and at the end of this problem upload the Excel file with answer for proof of your work. For your convenience, the data and an MS Excel template is available here: Forecast Methods handout.xlsx. Question 15 3 pts You are asked to forecast demand in July, 2020 using the Weighted Moving Average method with the "lookback" window of size n=6. Suppose that you are using the follow weight distribution: w5 0.07 w4 0.08 w3 0.1 w2 0.2 w1 0.25 WO 0.3 SUM 1 Your demand forecast is: (Hint: please round your answer to whole number.) Question 16 3 pts You are asked to forecast demand in July, 2020 using the Exponential Smoothing method with the "smoothing factor" a=0.227. Prior forecast for demand in June, 2020 was 514,771, and you observed the true demand to be 280,000. Your demand forecast is: (Hint: please round your answer to whole number.) RAW TIME SERIES DATA Demand (Dt) January-20 160,700 February-20 122,800 March-20 410,000 April-20 405,000 May-20 410,155 June-20 280,000 FORECAST USING WEIGHTED MOVING AVERAGE 6 w5 0.07 w4 0.08 w3 0.1 w2 0.2 w1 0.25 WO 0.3 SUM 1.00 FORECAST USING EXPONENTIAL SMOOTHING 514,771 280,000 Month-Year (t) "Lookback" window n= weights Your forecast for July, 2020 = Smoothing factor a= Prior forecast for June, 2020 Observed demand in June, 2020 Your forecast for July, 2020 =