Question

3 The following table contains the number of complaints received in a department store for the first 6 months of operation: MONTH COMPLAINTS MONTH COMPLAINTS January 36 April 90 February 45 May 108 March 81 June 144 If a three-month moving average is used to smooth this series, what would have been the forecast for May?

Answer 1

Answer:

Explanation:

3-month moving average for any period = Average of the actual data for the previous 3 periods  

Forecast for May = Average of actual data of February, March and April

= (45+81+90) / 3

= 72 complaints

Answer 2

Given that the 3-month moving average for any period is equivalent to the May forecast, hence. the forecast for May will be 72 complaints

The average of numbers is also known as their mean. The average of numbers is the ratio of the sum of numbers to the sample size. Mathematically;

Average = Sum of data/Sample size

In order to calculate the forecast for May according to the given table, we will need to get the average complaint for the last 3 months.

Mean = Sum of complaints in February, March, and April/3

February complaint = 45 complaints

March complain = 81 complaints

April = 90 complaints

Find the forecast for May

Mean (Average) = (45+81+90)/3

Mean (Average) = 216/3

Forecast for May = 72 complaints

Since the 3-month moving average for any period is equivalent to the May forecast, hence. the forecast for May will be 72 complaints

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