Part 2 Question 1 Following are time-series data for eight different periods. Us

Question

Part 2

Question 1 Following are time-series data for eight different periods. Use exponential smoothing to forecast the values for periods 3 through 8. Use the value for the first period as the forecast for the second period. Compute forecasts using two different values of alpha, =-1 and = .8-compute the errors for each forecast and compare the errors produced by using the two different exponential smoothing constants. (Round your answers to 1 decimal place.) Forecast error ( =.1) Value Forecast ime Period Value Forecast (-1) 211 228 236 241 242 227 217 203 (Round your answers to 1 decimal place.) Forecast (-8) Forecast error ( =.8) Value Forecast Iime Period Value

Explanation / Answer

for exponential smoothing :

forecast =alpha*last month actual+(1-alpha)*last month forecast

1)

for alpha =0.8:

Time Period Value Forecast ( =.1) Forecast error ( =.1) Value - Forecast 1 211 2 228 211.0 17.0 3 236 212.7 23.3 4 241 215.0 26.0 5 242 217.6 24.4 6 227 220.1 6.9 7 217 220.8 -3.8 8 203 220.4 -17.4

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