Suppose that you are using the simple mean to make a forecast. This period's forecast was equal to 100 units, and it was based on 6 periods of demand. This period's actual demand was 86 units. What is your forecast for next period?
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Answer:
forecast for next period Demand = 98 units
Step-by-step explanation:
This period's forecast was equal to 100 units,
and it was based on 6 periods of demand.
=> Demand in Last 6 Period = 100 * 6 = 600 units
This period 7th Period actual Demand = 86 units
=> Demand for 7 Period = 600 + 86 = 686 units
=> Mean demand for a Period = 686/7
= 98 units
forecast for next period Demand = 98 units
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