A firm uses simple exponential smoothing with "a = 0.5" to forecast demand. The forecast for the 1st week of January was 505 units whereas the actual demand turned out to be 452 units. Calculate the demand forecast for the 2nd week.

A firm uses simple exponential smoothing with "a = 0.5" to forecast demand. The forecast for the 1st week of January was 505 units whereas the actual demand turned out to be 452 units. Calculate the demand forecast for the 2nd week.

Essentials of Business Analytics (MindTap Course List)

2nd Edition

ISBN:9781305627734

Author:Jeffrey D. Camm, James J. Cochran, Michael J. Fry, Jeffrey W. Ohlmann, David R. Anderson

Publisher:Jeffrey D. Camm, James J. Cochran, Michael J. Fry, Jeffrey W. Ohlmann, David R. Anderson

Chapter8: Time Series Analysis And_forecasting

Section: Chapter Questions

Problem 13P: The values of Alabama building contracts (in millions of dollars) for a 12-month period are as...

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