A First Course in Probability (10th Edition)
10th Edition
ISBN: 9780134753119
Author: Sheldon Ross
Publisher: PEARSON
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- The manager of the Carpet City outlet needs to make an accurate forecast of the demand for Soft Shag carpet (its biggest seller). If the manager does not order enough carpet from the carpet mill, customers will buy their carpet from one of Carpet City's many competitors. The manager has collected the following demand data for the past 8 months:
Demand for Soft Shag
Month Carpet (1,000 yd.)
1 8
2 12
3 7
4 9
5 15
6 11
7 10
8 12
- Compute a 3-month moving average forecast for months 4 through 9.
- Compute a weighted 3-month moving average forecast for months 4 through 9. Assign weights of 0.55, 0.33 and 0.12 to the months in sequence, starting with the most recent month.
NB:
- Time periods are in weeks
- You may work in the network but please show the results in a table.
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