(a) Given the following monthly labor figures, make a forecast for June using a three-period moving average and a five-period moving average. (Round answers to 2 decimal places, e.g. 15.25.) Month Actual Values January 38 February 45 March 40 April 44 May 47 3-Period Moving Average 5-Period Moving Average (b) What would be the forecast for June using the naïve method? (Round answers to 2 decimal places, e.g. 15.25.) Forecast for June (c) If the actual labor figure for June turns out to be 41, what would be the forecast for July using each of these models? (Round answers to 2 decimal places, e.g. 15.25.)

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I need help with these problems. please

(a) Given the following monthly labor figures, make a forecast for June using a three-period moving average and a five-period
moving average. (Round answers to 2 decimal places, e.g. 15.25.)
Month
Actual Values
January
38
February
45
March
40
April
44
May
47
3-Period Moving Average
5-Period Moving Average
(b) What would be the forecast for June using the naïve method? (Round answers to 2 decimal places, e.g. 15.25.)
Forecast for June
(c) If the actual labor figure for June turns out to be 41, what would be the forecast for July using each of these models? (Round
answers to 2 decimal places, e.g. 15.25.)
Transcribed Image Text:(a) Given the following monthly labor figures, make a forecast for June using a three-period moving average and a five-period moving average. (Round answers to 2 decimal places, e.g. 15.25.) Month Actual Values January 38 February 45 March 40 April 44 May 47 3-Period Moving Average 5-Period Moving Average (b) What would be the forecast for June using the naïve method? (Round answers to 2 decimal places, e.g. 15.25.) Forecast for June (c) If the actual labor figure for June turns out to be 41, what would be the forecast for July using each of these models? (Round answers to 2 decimal places, e.g. 15.25.)
Expert Solution
Step 1

(a) Forecast for June: 

Forecast for June using 3-Period moving average = 47+44+403=43.67

Forecast for June using 5-Period moving average = 47+44+40+45+385=42.80

Therefore forecast for June using 3-Period moving average and using 5-Period moving average is 43.67 and 42.80 respectively. 

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