3. Exponential Smoothing Use the data and apply exponential smoothing with factor 0.5
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Expert Answer
Forecast as per exponential smoothing:
This can be written as:
St+1=St+αϵt,
where ϵt is the forecast error (actual – forecast) for period t.
In other words, the new forecast is the old one plus an adjustment for the error that occurred in the last forecast.
As no forecast for period 1 is given, the actual of period 1 is taken as forecast for period 1 = 246
So, Forecast for period 2 = Forecast for period 1 + (Actual of period 1 – Forecast for period 1) x a
= 246
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