Problem 1 The owner of MGM in Vegas wants to develop a forecast for the sale...
Problem 1
The owner of MGM in Vegas wants to develop a forecast for the sale of its Beats speakers for the coming year based on the historical data.
| Year | 2013 | 2014 | 2015 | 2016 | 2017 |
| Sales | 22 | 28 | 34 | 40 | 45 |
(a) Graph this series. Does there appear to be a trend? (2 marks)
(b) Using the Trend Projection Method, develop an equation for the sales data (using formula). What is the average increase in sales per year for the firm? Use your model to forecast the sales for year 2018. (4 + 1 = 5 marks)
(c) Suppose Fred wants to use a weighted moving average method to make forecasts. Using a 2 year moving average with a weight of 1.4 for the most recent data, what would have been the forecast for year 2017? What will be the forecast for year 2018? (3 marks)
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Problem 1
The owner of MGM in Vegas wants to develop a forecast for the
sale...
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