Problemconsider the following actual and forecast demand, Ask an Expert

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Problem:

Consider the following actual and forecast demand levels for hamburgers at a local restaurant:

Day               Actual Demand   Forecast Demand
Monday            88                           88
Tuesday           72                           88
Wednesday      68                           84
Thursday          48                           80
Friday

The forecast for Monday was derived by observing Monday's demand level and setting Monday's forecast level equal to this demand level. Subsequent forecasts were derived by using exponential smoothing with a smoothing constant of 0.25.

Reqquired:

Question 1) Using this exponential smoothing method, what is the forecast for hamburger demand for Friday?

Provide the solution of the given numerical problem and illustrate step by step calculation.

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Operation Management, Management Studies

Category:- Operation Management
Reference No.:- M91148668

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