What is the forecast for July based on a three-month weighted moving average applied to the following past demand data and using the weights: 5, 4, and 3 (largest weight is for most recent data)? Show all the forecasts for April through June along with the answer.
Definitions:
Firm
An organization engaged in commercial, industrial, or professional activities, typically aimed at generating profits.
Optimal
The best or most favorable point, level, or condition, especially under specific constraints or conditions.
Maximin Strategy
A decision rule which aims to maximize the minimum payoff attainable, often used under conditions of uncertainty.
Payoffs
The returns or benefits received from a particular action or investment.
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