Mr. Ferdinand is a well known entrepreneur who sells fresh organic beef to persons in the local community. Customers love the quality of meet that Mr. Ferdinand sells so they tend to recommend his product to other persons. Recently, Mr. Ferdinand has been running out of beef to sell to his customers. One customer suggests to him that he must use past sales records to forecast demand for his beef so that he can meet his customers demand. I. Using a numerical example, demonstrate to Mr. Ferdinand how he can use a three week and a four-week weighted moving average to forecast demand for his beef. II. Show how Mr. Ferdinand can test the accuracy of his forecast. III. Explain to Mr. Ferdinand two ways in which he can benefit from doing forecast for his beef.
Mr. Ferdinand is a well known entrepreneur who sells fresh organic beef to persons in the local
community. Customers love the quality of meet that Mr. Ferdinand sells so they tend to
recommend his product to other persons. Recently, Mr. Ferdinand has been running out of beef
to sell to his customers. One customer suggests to him that he must use past sales records to
I. Using a numerical example, demonstrate to Mr. Ferdinand how he can use a three week and a four-week weighted moving average to forecast demand for his beef.
II. Show how Mr. Ferdinand can test the accuracy of his forecast.
III. Explain to Mr. Ferdinand two ways in which he can benefit from doing forecast for
his beef.
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