Professor Shethinks Shesverybusy needs to allocate time this week for office appointments, so she needs to forecast the number of students who will seek appointments. The professor has gathered the following time series data recently: Period Student Appointments 4 weeks ago 3 weeks ago 95 80 2 weeks ago 65 Last week 50 What would be this week's forecast for student appointments using exponential smoothing with alpha of 0.2, if the forecast for two weeks ago was 90? Oa. 52 О. 85 Oc. 78 Od. 65 Oe. 50

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A:

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.