Last week’s sales of a product at a retail store are shown in the following table
Last week’s sales of a product at a retail store are shown in the following table:
|
Day |
Sales (Dollars) |
|
1 |
200 |
|
2 |
250 |
|
3 |
180 |
|
4 |
190 |
|
5 |
175 |
|
6 |
170 |
|
7 |
180 |
(a) Use the 3-day moving average method for forecasting days 4-7.
(b) Use the 3-day weighted moving average method for forecasting days 4-7. Use Weight 1 day ago = 4, Weight 2 days ago = 3, and Weight 3 days ago = 2.
(c) Compare the techniques using the Mean Absolute Deviation.