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Please provide a detailed answer using SimpleExponentialForecasting showing all steps involved, formulas, and all parts of the question solved without using CHATGPT. For a given
Please provide a detailed answer using SimpleExponentialForecasting showing all steps involved, formulas, and all parts of the question solved without using CHATGPT.
- For a given time series of sales, the training set consists of 50 months. The first five months'data isshowninthe followingtable:
Month | Sales | SimpleExponential | Error |
October19 | 27 | ||
November19 | 31 | ||
December19 | 58 | ||
January20 | 63 | ||
February 20 | 59 |
A) Computethesalesforecast forJanuary20andFebruary 20basedona simpleexponential method with w= 4. Provide your answers in the table above and show calculations.
B) Compute theforecast errorfortheabove forecast.Provideyouranswers inthetable.
SimpleExponentialForecastingattimet+1:
Ft+1= At+(1- ) Ft
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