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Problem 2: The cafeteria supervisor at CarWash is interested in developing a forecast model for the number of meals to be prepared each day. The following daily data from the cafeteria's register were collected. Using the data, the supervisor had already computed forecast values using a regression model. However, s/he would like to assess the regression model's accuracy to a base model called "exponential smoothing."
WORKING AREA FOR THE PROBLEMExponential RegressionDay Meals Forecast Error Forecast Error1 37 36.942 40 38.663 41 40.384 37 42.115 45 43.836 50 45.557 43 47.288 47 49.009 56 50.7310 52 52.4511 55 54.1712 54 55.90
a) Your job is to compute forecasts using exponential smoothing technique with alpha of 0.3. Assume the initial forecast for day 1is 37. Show details for at least three calculations
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