Question

If rice demand in year 1 is 350, year 2 is 400,and year 3 is 380 . Weight assigned to year 1 is 0.15, year 2 is 0.25 and year 3 is 0.6 Forecast the demand of rice in year 4 using weighted average mean 375 380.5 382.5 383.7

Answer 1

Answer:

sjjsksksiisisiisissisisosisisisisosisisiosisiis

Answer 2

Concept

Weighted average mean is an average or a mean in which we determine or, calculate the value by assigning weights to each value or, amount.

Given

Demands for 3 years=

Year 1=350,

Year 2=400,

Year 3=380

Weights for 3 years=

Year 1=0.15,

Year 2=0.25,

Year 3=0.6

Find

We are asked to forecast the demand of rice for year 4 using the weighted average mean method.

Solution

To find weighted average mean, formula= ∑wₙ*xₙ/∑wₙ

Here, wₙ = weights for 3 years and xₙ = demand for 3 years

Hence, forecasted demand for year 4= 0.15*350+0.25*400+0.6*380 / 0.15+0.25+0.6

=52.5+100+228/1

=380.5

Hence, the forecasted demand for year 4 using weighted average mean is 380.5

#SPJ1