Question Four:                                                                             ABC Company sells home appliances. Daily sales for a six-day period were as follows: Day Sales Saturday 20 Sunday 24 Monday 30 Tuesday 40 Wednesday 36 Thursday 44   Forecast Friday sales volume using each of the following methods: A three-day moving average.   A four day weighted average using weights of 0.1, 0.2, 0.3 and 0.4 Exponential smoothing with a smoothing constant equal to 0.2, assuming Wednesday forecast of 42.             Determine a linear trend line equation for ABC Company. Use the trend equation to forecast Friday sales volume.

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Forecasting

Forecasting is a methodology that uses historical data as inputs to make well-informed predictions about the course of future trends. Forecasting is the method of making forecasts based on historical and current data, most commonly by trend analysis. In the business world, forecasting is a basic statistical task. Forecasting is used by businesses to decide how to allocate their budgets or prepare for expected expenditures in the future. Forecasts help managers formulate and execute production plans by providing forecasts. The primary goal of forecasting is to make accurate predictions.