You have data on the demand for a period of 8 years. The required / finding the expected demand for the 2008 using the simple moving average method based on a 4 period of time. the years 2000 2001 2002 2003 2004 2005 2006 2007 2008 Oder quantity 20 30 45 55 60 68 70 75

You have data on the demand for a period of 8 years. The required / finding the expected demand for the 2008 using the simple moving average method based on a 4 period of time. the years 2000 2001 2002 2003 2004 2005 2006 2007 2008 Oder quantity 20 30 45 55 60 68 70 75

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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Concept explainers

Forecasting in Business

Forecasting is the process of predicting the future based on the past and the present data and circumstances. In other words, forecasting is the act of making a detailed analysis of future events based on the decisions made in the past as well as the present. Forecasting plays a very important role in operational management as it helps in planning and decision-making. It is not only important for the success of a business but also contributes to individual growth and success. Many business organizations or companies have failed due to the shortcomings of their forecasting.

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