Assume the initial forecast for day

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Reference no: EM1388242

Problem 2: The cafeteria supervisor at CarWash is interested in developing a forecast model for the number of meals to be prepared each day. The following daily data from the cafeteria's register were collected. Using the data, the supervisor had already computed forecast values using a regression model. However, s/he would like to assess the regression model's accuracy to a base model called "exponential smoothing."

WORKING AREA FOR THE PROBLEM
Exponential Regression
Day Meals Forecast Error Forecast Error
1 37 36.94
2 40 38.66
3 41 40.38
4 37 42.11
5 45 43.83
6 50 45.55
7 43 47.28
8 47 49.00
9 56 50.73
10 52 52.45
11 55 54.17
12 54 55.90

a) Your job is to compute forecasts using exponential smoothing technique with alpha of 0.3. Assume the initial forecast for day 1is 37. Show details for at least three calculations

Reference no: EM1388242

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