Question: Time Series Forecasting Models Use the time series data in the table below to do the following: Period Demand 1 221 2 247 3 228

Time Series Forecasting Models

Use the time series data in the table below to do the following:

Period	Demand
1	221
2	247
3	228
4	233
5	240
6	152
7	163
8	155
9	167
10	158

a. Develop a last period forecast for periods 2 through 11. Calculate the MFE, MAD, and MAPE values for periods 2 through 10. Is this a good model? Why?

b. Develop a three-period weighted moving average forecast for periods 4 through 11. Use weights of 0.4, 0.35, and 0.25, with the most recent observation weighted the highest. Calculate the MFE, MAD, and MAPE values for periods 4 through 10. How do your results compare with those for a above?

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