SCENARIO: A large insurance office wants to develop a basic forecasting approach that can be used on a regular basis. The firm has data on the monthly sales of its renter's comprehensive insurance policy. The data is given below, Answer the questions as instructed. Be sure to show your Excel work to the right of the questions (as indicated) and to reference that work in your answers. That is, do not "type" answers into the answer cells - instead reference the appropriate cells in your Excel output when appropriate Format your answer cells to round to three values to the right of the decimal (for example, 212,354) where appropriate. This quiz is worth 7 points total. ! One objective of this assignment is to assess your ability to utilize Excel (functions, formulas, ...). S do NOT generate answers with your calculator an type the answers into the cells. You must use Exce functions and construct formulas. Month Sales 2:46 252 255 2 3 4 $ 263 251 6 7 Three-Period Moving Average Model Callations 8 262 Error . PART I. Bald a three-period Moving Average Model and use the results of that model to answer questions 1-3 Mewth 1 2 3 4 5 246 252 255 248 Aswers 6 7 251 256 1 Using a three-period Moving Average Model, what is the forecast for Month? 9 2 Using a three-period Moving Average Model, what is the value of the Mean Absolute Deviation (MAD) for the model? 3 Using a three-period Moving Average Model, what is the value of the Mean Absolute Percentage Error (MAPE) for the model? Exponential Smoothing Model PART 2. Build an Exponential Smoothing Model with FI - 246 and alpha - 0.25 and use the results of that model to answer questions 4.6. Forecast Error APE 246 Masi 1 2 3 4 $ 4 Using an Exponential Smoothing Model with alpha=0.25 and F1-246, what the forecast for Month 5 Using an Exponential Smoothing Model with alpha=0.25 and FI-246, what is the value of the Mean Absolute Deviation (MAD) for the model? 255 248 263 251 256 262 6 7 9 Using an Exponential Smoothing Model with alpha-025 and F1-246, what is the value of the Mean Absolute Percentage Eror (MAPE) for the model? Based on MAPE, which model should we choose (3.period moving average or 7 exponential smoothing)