Question

Plot the following data about demand for an item. Find the moving averages by taking n = 3. Use these to forecast next two months’ demand.
Month 1 2 3 4 5 6 7
Demand 46 56 54 43 57 56 67
Month 8 9 10 11 12
Demand 62 50 56 47 56

Answer 1

Answer on Question #84131 – Math – Statistics and Probability

Question

Plot the following data about demand for an item. Find the moving averages by taking $n = 3$. Use these to forecast next two months' demand.

Month 1 2 3 4 5 6 7

Demand 46 56 54 43 57 56 67

Month 8 9 10 11 12

Demand 62 50 56 47 56

Solution

Forecast:

For Month 13 Demand is $\frac{56 + 47 + 56}{3} = 53$ .

For Month 14 Demand is $\frac{47 + 56 + 53}{3} = 51.33$ .

Answer provided by https://www.AssignmentExpert.com