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John's House of Pancakes uses a weighted moving average method to forecast pancake sales.It assigns a weight of 5 to the previous month's demand,3 to demand two months ago,and 1 to demand three months ago.If sales amounted to 1000 pancakes in May,2200 pancakes in June,and 3000 pancakes in July,what should be the forecast for August?
Nonparametric Statistical Tests
Statistical tests that do not assume a specific distribution for the data, useful for ordinal or non-normally distributed interval data.
Population Parameters
Numerical characteristics that describe various aspects of a population, such as its mean or variance.
Expected Frequencies
The anticipated count of occurrences in each category of a statistical distribution under a null hypothesis.
Chi-square Statistic
A measure used in statistics to assess how expectations compare to actual observed data, especially in the context of categorical variables.
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