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The actual demand for wheat grain in metric tons for a flour mill set up recently in a new location for a period of 6
The actual demand for wheat grain in metric tons for a flour mill set up recently in a new location for a period of 6 months is given below. As per the experts survey forecast for the first month of January was projected to be 310(370) metric tonnes. Calculate the forecasts for month 2 to 6 using smoothing constant al ha of 0.1 and 0.5 using the appropriate forecasting model and suggest e better model using MAD.
Month | Actual Demand |
Jan | 400 |
Feb | 390 |
March | 410 |
April | 370 |
May | 380 |
June | 375 |
What is tracking signal, Comment on how tracking signal captures variation in forecast and its application.
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