Forecasting Project Price of Beef

We are interested in running 3 forecasts and using those results to determine what the Price of Beef will be next week based on the best forecast.

• The first forecast should be an exponential smoothing forecast with an alpha of .80. You can use the Week 1 data as the initial forecast.
• The second forecast should be a 4 period weighted moving average forecast with .7, .2, .06, .04 as the weights. The most recent periods should receive the greatest weight.
• The third forecast should be a 5 week simple moving average.

Hint: To determine which forecast is best it will be helpful to have error measurements to compare the forecasts. Please show work in excel.

Week	Price of Beef
1	3.366
2	3.327
3	3.379
4	3.448
5	3.449
6	3.447
7	3.482
8	3.514
9	3.460
10	3.464
11	3.406
12	3.408
13	3.417
14	3.479
15	3.461
16	3.403
17	3.423
18	3.511
19	3.445
20	3.492
21	3.610
22	3.585
23	3.586
24	3.733