Calculate three forecasts using the following data.First,for periods 4 through 11,develop the exponentially smoothed forecasts using a forecast for period 3 (F?)of 45.0 and an alpha of 0.3.Second,calculate the 3-period moving average forecast for periods 4 through 11.Third,calculate the weighted moving average for periods 4 through 11,using weights of .50,.30,and .20.Calculate the mean absolute deviation (MAD)and the cumulative sum of forecast error (CFE)for each forecasting procedure.Which forecasting procedure would you select? Why?
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