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Business
Operations Management
Using a numerical example, demonstrate to Mr. Ferdinand how he can use a three week and a four-week weighted moving average to forecast demand for his beef. Show how Mr. Ferdinand can test the accuracy of his forecast. Explain to Mr. Ferdinand two ways in which he can benefit from doing forecast for his beef.

Using a numerical example, demonstrate to Mr. Ferdinand how he can use a three week and a four-week weighted moving average to forecast demand for his beef. Show how Mr. Ferdinand can test the accuracy of his forecast. Explain to Mr. Ferdinand two ways in which he can benefit from doing forecast for his beef.

Practical Management Science
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter13: Regression And Forecasting Models
Section13.3: Simple Regression Models
Problem 9P
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Mr. Ferdinand is a well known entrepreneur who sells fresh organic beef to persons in the local

community. Customers love the quality of meet that Mr. Ferdinand sells so they tend to

recommend his product to other persons. Recently, Mr. Ferdinand has been running out of beef

to sell to his customers. One customer suggests to him that he must use past sales records to

forecast demand for his beef so that he can meet his customers demand.

 

  1. Using a numerical example, demonstrate to Mr. Ferdinand how he can use a three week and a four-week weighted moving average to forecast demand for his beef.
  2. Show how Mr. Ferdinand can test the accuracy of his forecast.
  3. Explain to Mr. Ferdinand two ways in which he can benefit from doing forecast for his beef.
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