Question: 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

SCENARIO: A large insurance office wants to

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. | Month 1 2 3 4 5 4 Sales 246 252 255 248 263 251 256 262 co 7 8 8 Forecast Error APE PART 1: Build a three-period Moving Average Model and use the results of that model to answer questions 1 -3. Month 1 2 3 4 5 6 7 Answers Sales 246 252 255 248 263 251 256 262 249 253.5 251.5 255.5 257 253.5 259 262 1 Using a three-period Moving Average Model, what is the forecast for Month J? 8 2 Using a three-period Moving Average Model, what is the value of the Mean Absolute Deviation (MAD) for the model? 9 Totals Average 2033 254.125 3 Using a three-period Moving Average Model, what is the value of the Mean Absolute Percentage Error (MAPE) for the model

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