Recent Past Demand for Product ZXT Is Given in the Following

question 31

Essay

Recent past demand for product ZXT is given in the following table.
$$\begin{array} { | c | c | } \hline \text { Month } & \begin{array} { c } \text { Actual } \\\text { Demand }\end{array} \\\hline \text { February } & 20 \\\hline \text { March } & 22 \\\hline \text { April } & 33 \\\hline \text { May } & 35 \\\hline \text { June } & 31 \\\hline \text { July } & 48 \\\hline \text { August } & 41 \\\hline\end{array}$$
-Base on a three-month weighted moving average with weights w1 = .1, w2 = .4, and w3 = .5 (most recent), determine the forecasted demand for August and September. What is the forecast error in August?

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Definitions:

Causal Attributions

Explanations of an individual’s behavior.

Causal Schemas

Mental frameworks that help individuals infer and make sense of cause-and-effect relationships in various situations, guiding understanding and predictions about the world.

Expected Events

Occurrences or outcomes that people anticipate or believe are likely to happen in the future.

Top of the Head Phenomenon

It describes the tendency for people to retrieve the most easily accessible information from their memory when making judgments or decisions.