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Forecast for december based on exponential smoothing

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Reference no: EM131320080

Your company is seeking to forecast demand for the next month based on the information given in the following table:

Month

May

June

July

Aug

Oct

Sept

Oct

Nov

Dec

Demand

40

44

43

45

42

50

48

54

a. (6) Develop a forecast for December using a weighted moving average where wt-1 = 0.6,

wt-2 = 0.25, wt-3 = 0.1, and wt-4 = 0.05

b. (6) If the forecast in May was 42, develop a forecast for December based on exponential smoothing with α = 0.25.

c. (8) For the data set below, determine the bias, the mean squared error and the mean absolute deviation.

Forecast

83

85

80

81

84

86

88

90

Demand

80

85

78

82

86

88

92

94

Reference no: EM131320080

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