If month one has 240,000 demands, month two 250,080 demands, month three 325,00 demands, month four 370,000 demands, month five 420,000 demands and month six 509,00 demands. Use a forecast for the first month of 240,000, an initial trend forecast of 50,000, and smoothing parameters of 0.35 for both demand smoothing and trend smoothing. Compute the forecasts and trends using double exponential smoothing

Q: The accompanying dataset provides data on the monthly usage of natural gas (in millions of cubic…

A: Holt-Winter’s multiplicative method is a forecasting technique that considers both trend and…

Q: A hotel demand for Quarter one is 21,900, Quarter two 14,700, Quarter three 13,600 and Quarter four…

A: The season average is calculated by adding up the demand for all quarters and dividing by the number…

Q: The following tabulations are actual sales of units for six months and a starting forecast in…

A: To calculate the forecasts for the remaining five months using simple exponential smoothing with α =…

Q: My App is a small but growing start-up that sees demand for several of its apps increasing quickly.…

A: Double exponential smoothing is a forecasting model which identify the forecasting with the…

Q: Explain why forecasting devices such as moving averages, weighted moving averages, and exponential…

A: The average is going The prediction is increased and n is flat, but less susceptible. It provides an…

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

A: Forecast by using 3 period simple moving average method-

Q: Given a 3-quarter period of actual and forecast demand as shown in the table. The company ABC sets a…

A: A forecasting method is a managerial tool which help to predict the unknown future based on…

Q: Compute a 3-month weighted average forecast for months 4 through 9. Assign weights of 0.55, 0.33 and…

A: Forecasting is a technique used to predict future outcomes on the basis of past data. There are…

Q: What will be the demand forecast for period t? (Keep one decimal place in your answer).

A: The weighted average moving forecast is a technique that is used to predict the future of a…

Q: The following table contains the demand from the last 10 months. Calculate the single exponential…

A: The general formula of exponential smoothing: forecast = actual demand of previous period…

Q: The following table contains the demand from the last 10 months. Calculate the exponential smoothing…

A: Given:  An initial trend forecast (T1) = 1.00 An initial exponentially smoothed forecast (F1) = 30.…

Q: A manager has been using a certain forecasting technique to forecast demand for word processing…

A: The mean absolute deviation (MAD) of the two forecasting techniques can be compared to see which…

Q: Consider the following actual and forecast demand levels for Big Mac hamburgers at a local…

A: The Formula for exponential smoothing forecast is:Ft+1 =  Yt + ( 1 - ) FtHere, Ft+1 is the Forecast…

Q: After using your forecasting model for six months, you decide to test it using a tracking signal.…

A: I have solved this problem using Excel and Here are the Excel formulas:

Q: Forecast accuracy is important because it impacts the organizations' money and people. True False

A: Accurate forecasting helps with cost cutting, production and staff scheduling, capital planning and…

Q: exponential functions for trend data. Assume an initial exponential Forecast of 620 units in period…

A: Below is the solution:-

Q: Actual demand for a product for the past three months was: Three months ago 400 units Two months…

A: Month Actual demand3 months ago4002 months ago350Last month325

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

A: The simple moving average forecasting method considers the latest values of the actual demand of a…

Q: Step 1 of 4: Determine the three-period moving average for the next time period. If necessary, round…

A: Find the Given details below: Given details: Month Profit ($) Jan-14  $        15,810…

Q: The following represents the actual demand and two different sets of forecasts using different…

A: Forecasting is the process of estimating the future demand using the previous years' information and…

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.