Task 1: Demand Forecasting for Teens Forever Description: Demand for Varsity Lettem'ian jacket at Teens Forever for the last 12 months are as follows: Month Demand Jan 115 Feb 125 Mar 123 Apr 101 May 96 Jun 94 Jul 98 Aug 9? Sep 101 Oct 99 Nov 98 Be: 100 2|F'age Quantitative Questions: 3) Estimate demand tor the next three using a 3-month moving average. simple exponential smoothing with a = 0.1. and Hoit's model to estimate the demand with cr= 0.1 and ,3: 0.2.15 marks} b) Evaluate the MAD. MAPE. bias. and TS (is. the KPIs) in each case. Which of the three methods is better? Why? [3 marks} at What should the values of a and ,6 in the Holt's model be in order to minimise the MAD? (1 mark) Qualitative Question: d) Conduct your own research and nd out what the apparel industry usually does in forecastitg demand. You may wish to discuss the topic based on product value. product volume, and product ow as different product characteristics may require different methods to forecast the demand accurately. Give examples to support your arguments. (5 marks}