Selecting smoothing constant is a key decision when applying exponentialsmoothing method. When you have previous data, one approach to makingthis decision is to apply the method retrospectively to these data withdifferent values of smoothing constant and then choose the value ofsmoothing constant that gives the smallest MAD. Use this approach forchoosing smoothing constant with each of the following data, whichrepresent monthly sales. In each case, use an initial estimate of 50 andcompare with the following smoothing constants of 0.1, 0.2, 0.3, 0.4, and0.5a. 51, 48, 52, 49, 53, 49, 48, 51, 50, 49

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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.