Hair dryers have sold 100, 110, 120, and 130 units at Walgreens stores in Youngstown, Ohio, during the last four months ( with 130 being the mostrecent sales).Using these three strategies, build a moving-average forecast for next month:a) The three-month moving averageb) Moving average every four months.c) Weighted 4-month moving average, with the most recent month weighted4, the month before 3, then 2, and the month before that weighted 1, and the month before that weighted 1.d) Using a 4-month rolling average, predict the next month's sales (months) ifnext month's sales are 140 units.

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Forecasting in Business

Forecasting is the process of predicting the future based on the past and the present data and circumstances. In other words, forecasting is the act of making a detailed analysis of future events based on the decisions made in the past as well as the present. Forecasting plays a very important role in operational management as it helps in planning and decision-making. It is not only important for the success of a business but also contributes to individual growth and success. Many business organizations or companies have failed due to the shortcomings of their forecasting.