Calculate the sales forecasted for the year 2021 using Exponential smoothing given a weight a of o.45, and assuming that the forecasted value for the year 2020 was KWD 1000 and actual value is KWD 1200. i - B I II H23

Calculate the sales forecasted for the year 2021 using Exponential smoothing given a weight a of o.45, and assuming that the forecasted value for the year 2020 was KWD 1000 and actual value is KWD 1200. i - B I II H23

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Concept explainers

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.

Question

Calculate the sales forecasted for the year
2021 using Exponential smoothing given a
weight a of o.45, and assuming that the
forecasted value for the year 2020 was KWD
1000 and actual value is KWD 1200.
i -
B I
II

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