Question Three: Jane is trying to forecast demand for her store, using moving average with n=2, Fill in the missing cells with correct values and find average error for first quarter and second quarter of year 2000 A C Enroll- ment 313 E 1 Year Quarter Forecast Error Abs Error 2 1997 1 285 3 312 339 4 1998 1 359 320 356 385 8 4 10 1999 1 396 367 397 11 12 3 13 4 423 14 2000 1 15 2000 2. 56

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A: Let me show the given data,  MonthDemandForecast140250342455541506427Here, I will use the…

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A: Forecasted value = 28.5 Actual value = 32

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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.