(Solved): 09. Explain the need for sales forecasting. How are forecasting methods classified? The past data a ...

09. Explain the need for sales forecasting. How are forecasting methods classified? The past data about the load on a machine centre is as given below: Month, 1 2 3 4 5 6 7 Load 585 611 656 | 748 | 863 | 914 964 Machine -Hours i. If a five month moving average is used to forecast the next month's demand, compute the forecast of the load on the centre in the 8th month. ii. Computea a weighted three month moving average for the gih month, where the weights are 0.5 for the latest month, 0.3 and 0.2 for the other months,