The management of an insurance company monitors the number of mistakes made by telephone service representatives for a company they have subcontracted with. The number of mistakes for the past several months appears in this table along with forecasts for errors made with three different forecasting techniques. The column labeled Exponential was created using exponential smoothing with an alpha of 0.30. The column labeled MA is forecast using a moving average of three periods. The column labeled WMA uses a 3-month weighted moving average with weights of 0.65, 0.25, and 0.10 for the most-to-least recent months. Month Mistakes Exponential MA WMA 1 55 ​ ​ ​ 2 61 ​ ​ ​ 3 71 ​ ​ ​ 4 77 71 62 67 5 88 73 70 74 6 100 77 79 84 7 109 84 88 95 8 122 92 99 105 9 126 101 110 117 10 126 108 119 123 Using above table, what is the MSE for months 6-10 for the exponential smoothing technique?

Q: involve

A: The answer to this question is true.

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A: THE ANSWER IS AS BELOW:

Q: snip

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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.