Math Problem Statement
Using simple moving averages and the following time series data, respond to each of the items.
Period Demand 1 130 2 122 3 121 4 112 5 143 6 105 7 116 8 118 9 142 10 125
What is the error associated with the eleventh-period forecast? (Round your answer to 1 decimal place.)
Solution
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Math Problem Analysis
Mathematical Concepts
Time Series Analysis
Simple Moving Average
Formulas
Simple Moving Average Formula: \( \text{SMA} = \frac{1}{n} \sum_{i=1}^{n} \text{Demand}_i \)
Theorems
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Suitable Grade Level
Advanced High School