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    The number of cans of soft drinks sold in a machine each week is recorded below. Develop forecasts using a three period moving average.
    338, 219, 278, 265, 314, 323, 299, 259, 287, 302

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    Solution Preview

    Moving Average:
    The formula for moving average model is given as

    Where, n = number of periods in the moving average, and Di = Demand in period i.

    Number of cans of soft drinks sold in the machine per week
    (Observation) 3 weeks moving average Error Absolute Error Mean Forecast Error Mean Absolute ...

    Solution Summary

    This solution is comprised of detailed explanation and step-by-step calculation of the given problem and provides students with a clear perspective of the underlying concepts.