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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