Problem: Please help with the following problems.
The ABC Floral Shop sold the following number of geraniums during the last 2 weeks:
Key:
Day | Demand
1 | 200
2 | 134
3 | 157
4 | 165
5 | 177
6 | 125
7 | 146
8 | 150
9 | 182
10 | 197
11 | 136
12 | 163
13 | 157
14 | 169
Develop a spreadsheet to answer the following questions.
- Calculate a forecast of the above demand using a 3- and 5-period moving average.
- Graph these forecasts and the original data using Excel. What does the graph show?
- Which of the above forecasts is best? Why?