Using the data set below, what would be the forecast for period 5 using the exponential smoothing method? Assume the forecast for period 4 is 14000. Use a smoothing constant of α = 0.4 (Choose the closest answer.)
The answer is C: 14300
Note: The actual answer is 14296, and the closest to that was option C.
Formula to calculate forecast using Exponential smoothing:
Where,= New Forecast = Previous period's forecast.= Smoothing Constant = Previous period's Actual Demand. Calculating the forecast for period 5:
Putting values in the formula:
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