Problemconsider the following actual and forecast demand, Ask an Expert

Management Studies

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.

Required;

Question 1) Using this exponential smoothing method, what is the forecast for hamburger demand for Friday? Solve the given numerical problem and illustrate step by step calculation.

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Operation Management, Management Studies

Category:- Operation Management
Reference No.:- M91164885

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