What are the optimal values of a and b? b. What are the forecasts for the next 2 years using this technique?

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A: YearSales ('000)137.60242.40349.30453.40555.20657.70760.80869.20974.70

Q: Do not use Ai and chatgpt.

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A: As requested, I have solved the (b) and (c) part. Kindly refer to Step 2 and 3 for the solution.

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A: Detailed explanation:

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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.