(Solved Homework): THE ACTUAL DEMAND OF A PRODUCT IN PERIOD 3 THROUGH 6 ARE 349, 327, 320, 386…

THE ACTUAL DEMAND OF A PRODUCT IN PERIOD 3 THROUGH 6 ARE 349, 327, 320, 386 UNITS, RESPECTIVELY. THE FORECASTED DEMAND FOR PERIOD 4 WAS 355 UNITS. FIND THE FORECAST OF DEMAND IN PERIOD 6 USING THE EXPONENTIAL SMOOTHING MODEL WITH A SMOOTHING CONSTANT OF 0.27.

Expert Answer

Exponential smoothing Ft

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F_{t}=F_{t-1}+alpha (A_{t-1}-F_{t-1})

Ft = new forecast

Ft-1 = previous period forecast

At-1 = Previous period actual demand

alpha = smoothing constant

Forecast of demand in period 6 = 340 units

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