Answered: Q3. Find forecasted value for 2017…

Q3. Find forecasted value for 2017 using a = 0.5 and a = 0.7 using exponential smoothing method. Which a is better (10 Years Sales Forecasted sale 2012 25 2013 17 2014 21 2015 30 2016 27 2017 ?

Practical Management Science

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Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

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Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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Concept explainers

Forecasting

Forecasting is a methodology that uses historical data as inputs to make well-informed predictions about the course of future trends. Forecasting is the method of making forecasts based on historical and current data, most commonly by trend analysis. In the business world, forecasting is a basic statistical task. Forecasting is used by businesses to decide how to allocate their budgets or prepare for expected expenditures in the future. Forecasts help managers formulate and execute production plans by providing forecasts. The primary goal of forecasting is to make accurate predictions.

Question

Q3. Find forecasted value for 2017 using a = 0.5 and a = 0.7 using exponential
smoothing method. Which a is better
(10
Years
Sales
Forecasted sale
2012
25
2013
17
2014
2015
30
2016
27
2017
21

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