Use Holt-Winter’s multiplicative method to create a seasonal model that minimizes the MSE for the data set. Use Solver to determine the optimal values of alpha, beta, and gamma. We can initialize these variables to 0. a. What are the optimal values of alpha, beta, and gamma? b. What are the forecasts for each of the next 6 months using this technique? Year Month Time Period COGS 1 1 1 21637   2 2 25506   3 3 26594   4 4 21933   5 5 23117   6 6 26979   7 7 28337   8 8 28926   9 9 25015   10 10 28196   11 11 24170   12 12 25004 2 1 13 24575   2 14 35848   3 15 35217   4 16 32759   5 17 36542   6 18 36109   7 19 40279   8 20 37816   9 21 36338   10 22 37814   11 23 39359   12 24 34151 3 1 25 39862   2 26 50664   3 27 48533   4 28 45382   5 29 43981   6 30 41276   7 31 44284   8 32 46920   9 33 47469   10 34 43187

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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.