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Question

The number of cases of merlot wine sold by the Connor Owen winery in an eight-year period is as follows. Using an exponential smoothing model with an alpha value of 0.20, estimate the smoothed value calculated as of the end of year 8. Use the average demand for years 1 through 3 as your initial forecast, and then smooth the forecast forward to year 8.

YEAR | CASES OF MERLOT WINE |
---|---|

1 | 270 |

2 | 356 |

3 | 398 |

4 | 456 |

YEAR | CASES OF MERLOT WINE |
---|---|

5 | 358 |

6 | 500 |

7 | 410 |

8 | 376 |

Solution

VerifiedAnswered 1 year ago

Answered 1 year ago

Step 1

1 of 10For this problem, we are given data to calculate the forecast for five years using the methods of *moving average* for calculating the initial forecast and *exponential smoothing* to forecast the remaining years. First, we define the methods of moving average and exponential smoothing and use the formula on the given data.

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