Question
Download Solution PDFIf the actual demand of a product is 62, a previous year's forecast is 57, and the value of smoothing constant is 0.3, what would be the forecast for the current year using exponential smoothing method of forecasting?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFConcept:
For exponential smoothing method,
where Ft-1 = previous year's forecast, Ft = current year's forecast, Dt-1 = previous year's demand, α = smoothing constant
Calculation:
Given:
Ft-1 = 57, Dt-1 = 62, α = 0.3
F t = 58.5.
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