- James Russon owns a medium-sized lamb farm in the UK. He wants to improve the operational efficiency at his premises and streamline the flow of product, information, and finance thereby attaining a competitive edge against its rival farms. Select one of the data technologies taught within this module and provide in-depth analysis of how it can be employed by James to generate competitive advantages.
- James has the monthly data of lambs sold to one of his major clients
as listed below:
- Employ 6-months moving average to forecast the number of lambs to be sold in December.
- Use exponential smoothing with alpha=0.3 and (assume the forecast for January is 21 to forecast the number of lambs sold in December.
- Calculate the Mean Absolute percentage error for the forecasting techniques employed in (i) and (ii) and investigate, which one is more precise.
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