8.) Create an exponential smoothing model that minimizes the MSE for the data set. Use Solver to determine the optimal value of α. What is the optimal value of α? Prepare a line graph comparing the exponential smoothing predictions against the original data. What are the forecasts for the next 2 years using this technique? Year Sales 1 283 2 288 3 336 4 388 5 406 6 412 7 416 8 435 9 428 10 435 11 462 12 452 13 474 14 476 15 497 16 487 17 523 18 528 19 532 20 552

Q: 4, The accompanying dataset provides the closing prices for four stocks and the stock exchange over…

A: Date A B C D Stock Exchange 9/3/2010 127.07 18.54 20.84 15.44 10,536.56 9/7/2010 124.84 18.21…

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Q: Below is a table containing data on product demand for the most recent three months along with the…

A: MAPE - is a statistical measure of how accurate a forecast system is. It measures this accuracy as a…

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A:

Q: Week 1 2 3 4 5 6 Value 19 14 16 11 18 14 . Construct a time series plot. Time Series Value 20 F10 4…

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A: Given data is

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Q: 7. Using both time series methods of forecasting, predict the number of meals that should be…

A: Find the Given details below:

Q: The MAD for Method 1= _____ thousand gallons (round response to three decimal places)

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Q: Consider the data below for the sales of widgets: 1. Using seasonal percentages or seasonal indexes,…

A: Here, for the year 4, the annual widgets sales are 1500I will determine the seasonal index for each…

Q: snip

A: An exponential smoothing forecast becomes more responsive to changes in a data series when its alpha…

Q: The following tabulations are actual sales of units for six months. (assume F1 = A1) a. Calculate…

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A:

Q: The MAD for Method 1 = thousand gallons (round your response to three decimal places)

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A: THE ANSWER IS AS BELOW:

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A:

Q: A. Find the tracking signal for each month. B. Does the model provide acceptable answers!

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A: The given details below:

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Q: 35 The last seven weeks of demand at a new car dealer are shown below. Use a three-period…

A: Step 1:Calculate weighted moving average ForecastWMA = (3*sales (7)) + (2*sales (6)) + (1*Sales (5))…

Forecasting in Business

Forecasting is the process of predicting the future based on the past and the present data and circumstances. In other words, forecasting is the act of making a detailed analysis of future events based on the decisions made in the past as well as the present. Forecasting plays a very important role in operational management as it helps in planning and decision-making. It is not only important for the success of a business but also contributes to individual growth and success. Many business organizations or companies have failed due to the shortcomings of their forecasting.