Question: The data below represent the demand for a new aftershave in a shop for each of the last 7 months. Month 1 2 3 4

The data below represent the demand for a new aftershave in a shop for each of the last 7 months.

Month 1 2 3 4 5 6 7

Demand 23 29 33 40 41 43 49

  1. Calculate a two-month moving average for months two to seven. What would be your forecast for the demand in month eight?

  1. Apply exponential smoothing with a smoothing constant of 0.1 to derive a forecast for the demand in month eight.

  1. Which of the two forecasts for month eight do you prefer and why?

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