Use This Information to Answer the Following Questions -Refer to the Table Above

question 41

Essay

Use this information to answer the following questions.
Joe Smith operates an ice cream shop and works only three days a week.The number of ice cream cones that he sells is shown as follows.
$$\begin{array} { | l | c | c | c | c | c | } \hline \text { Friday } & 100 & 114 & 110 & 115 & 112 \\\hline \text { Saturday } & 130 & 135 & 140 & 145 & 142 \\\hline \text { Suraday } & 60 & 65 & 55 & 50 & 63 \\\hline\end{array}$$
-Refer to the table above.
a.Use a 3-period moving average to forecast next day's sales.
b.Use a 3-period weighted moving average to forecast next day's sales.Use Solver to determine the optimal weights.
c.Which one of the above forecasting techniques provides a lower MSE?

Understand the evolving marketplace trends and the strategic responses of organizations like Lowe’s Companies, Inc.

Recognize the importance of managing external relationships with suppliers and distributors for organizational success.

Understand the fundamental concepts of organizing, including differentiation and integration, as well as the impact of external factors on organizational design.

Understand the difference between Purchase Orders and Bills within a business context.

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Definitions:

Command System

An economic system where government decisions determine resource allocation and production choices.

Planning Board

A governing body or committee responsible for setting policies, goals, and procedures related to urban planning, development, and infrastructure projects.

Private Ownership

The legal rights of individuals or corporations to own property and assets, excluding governmental entities.

Economic Growth

(1) An outward shift in the production possibilities curve that results from an increase in resource supplies or quality or an improvement in technology; (2) an increase of real output (gross domestic product) or real output per capita.