The service center at a large automobile dealership is trying to boost revenue by pro- viding no-appointment-necessary oil changes to any type of vehicle that stops by the service center. To quickly estimate the number of these oil changes that the service center can be expected to complete in the upcoming week, the service manager has been using simple exponential smoothing with an alpha value of 0.1. The number of no-appointment-necessary oil changes that the service center completed over the past 4 weeks is listed here: • 4 weeks ago: 25 • 3 weeks ago: 36 2 weeks ago: 33 Last week: 28 Last week, the service manager's forecast for the number of no-appointment- necessary oil changes was 32.20. a. What would be the service manager's forecast for this next week? b. What was the error in the service manager's forecast last week? c. Suppose the service manager decided to instead use a 3-week moving average. Now what would be the service manager's forecast for this next week?

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Forecasting

Forecasting is a methodology that uses historical data as inputs to make well-informed predictions about the course of future trends. Forecasting is the method of making forecasts based on historical and current data, most commonly by trend analysis. In the business world, forecasting is a basic statistical task. Forecasting is used by businesses to decide how to allocate their budgets or prepare for expected expenditures in the future. Forecasts help managers formulate and execute production plans by providing forecasts. The primary goal of forecasting is to make accurate predictions.