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?

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Definitions:

Expected Frequencies

The anticipated counts in each category of a contingency table under the assumption that the null hypothesis is true, calculated from the proportions in the total sample.

Chi-square Statistic

A statistical measure used to assess the differences between observed and expected frequencies in one or more categories.

Expected Frequencies

In statistics, these are the counts predicted by a hypothesis test for categories in a contingency table, based on the distribution assumptions of the test.

Chi-square Statistic

The Chi-square statistic is a measure used in statistics to compare observed data with data expected under a specific hypothesis, often used in tests of independence.