You have been assigned to forecast the number of aircraft engines ordered each month by Commins Engine Company. At the end of February, the forecast is that 100 engines will be ordered during April. During March, 120 engines are ordered. Using a 5 0.3 and the basic equation for simple exponential smoothing, determine a forecast (at the end of March) for the number of orders placed during April. Answer the same question for May.

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A: The time series plot shows a horizontal pattern.

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A: Given Information: Sales in September: 120 units Forecast in September: 100 units Alpha = 0.3…

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A: Using the above formulae : Actual of May = 51 Forecast of May =  36.25 alpha = 0.4   Forecast of…

Q: determine the forecasts for the first four months of 2024 (January, February, March, and April)…

A: MonthSalesJan51Feb55Mar54Apr57May50Jun68Jul66Aug59Sep67Oct69Nov75Dec77

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Q: Based on the following equation for a moving average forecast, what would have been the three week…

A: Here, each week has the revenue data, I will apply the 3-week moving average technique, the 6-week…

Q: Consider the following actual and forecast demand levels for Big Mac hamburgers at a local…

A: The Formula for exponential smoothing forecast is:Ft+1 =  Yt + ( 1 - ) FtHere, Ft+1 is the Forecast…

Q: After using your forecasting model for six months, you decide to test it using a tracking signal.…

A: I have solved this problem using Excel and Here are the Excel formulas:

Q: Forecast accuracy is important because it impacts the organizations' money and people. True False

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Q: a. Forecast April through September using a three-month moving average. b. Use simple exponential…

A: Below is the solution:-

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.