Given is a historical time series for job services demand in the prior 6 months

Question

Given is a historical time series for job services demand in the prior 6 months MonthDemand 751 656 4 633 705 714 6 Use the table below to answer all questions Month Demand Forccast 751 656 F1 F2 633 705 714 F4 F5 F6 F7 4 If the demands forccast is Not Possible (NP) to gencrate for a particular month, then you must type in NP as your answcr a) The F3 by using Naïve forecasting mcthod- b) The F3 by using 2 months moving average c) The F4 by using Naïve forecasting method- d) The F4 by using 4 months moving average - e) The F6 by using 3 months moving average f) The F7 by using 4 months moving average- (in 2 decimal places) (in 2 decimal places) (in 2 decimal places)

Explanation / Answer

a) F3 = 656

In Naive approach the actual of the previous month is used as the forecast for the next month.

b) F3 = (751+656)/2

= 703.5

c) F4 = 717

d) F4 = Not possible to generate as minimm 4 data records are needed to use the 4 months moving average.

e) F6 = (717+633+705)/3

= 685

f) F7 = (717+633+705+714)/4

= 692.25

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