The Holt method (exponential smoothing with trend andwithout seasonality) is being used to forecast weekly carsales at TOD Ford. Currently, the base is estimated to be 50cars per week, and the trend is estimated to be 6 cars perweek. During the current week, 30 cars are sold. Afterobserving the current week’s sales, forecast the number ofcars to be sold during the week that begins three weeks afterthe conclusion of the current week. Use a b 0.3.

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A: This do not require any introduction

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Q: The error measurement to use depends on forecast method. True False

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A: Below is the solution:-

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A:

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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.