Excel: exponential smoothing forecast
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Develop a forecast for years 2 through 12 using exponential smoothing with ? = .4 and a forecast for year 1 of 6. Plot your new forecast on a graph with the actual data and the naive forecast. Based on a visual inspection, which forecast is better?
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We have the Exponential smoothing forecast,
Ft = Ft-1 + α (At-1 - Ft-1)
i.e., New ...
Solution Summary
In this solution we use Excel to develop two forecasts based on the given parameters and data and highlights which of these forecasts is better.
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