Question 3 (Total 10 marks) The demand observations experienced by Company ABC for 5kg bags of rice that used in the restaurant are quantified on a weekly basis as per the following table. Included are four demand forecasts, of which there are two moving average forecasts and two exponentia smoothing forecasts. Time Actual Demand Forecast Forecast Forecast Forecast (Weeks) observations (Moving (Moving (Exponentia (Exponentia Average Average I Smoothing, I Smoothing, n=2 n=5) (=0.5) (=0.9) 80 79 79 78 80 79 79 79 79 80 3 70 80 75 79 79 4 65 75 76 75 71 72 68 76 70 66 6 80 69 73 71 71 7 78 76 73 75 79 8 50 79 73 77 78 9 64 64 69 63.5 52.8 10 57 68.8 63.75 62.88 Calculate the forecasts for all forecasting mechanisms (Moving Average and Exponentia Smoothing) for days 9 and 10 if the demand observed at day 9 is 64. Explain the value o November 2020 OPS 216, Wollongong & Satellite Campuses, Final Assessment, Spring, 2020 Page 3 of 4