Solution-Compute an adjusted exponentially smoothed forecast

Compute an adjusted exponentially smoothed forecast

Assignment Help Basic Statistics

Reference no: EM13948238

The manager of the BP Service Station wants to forecast the demand for unleaded gasoline next month so that the proper number of gallons can be ordered from the distributor. The owner has accumulated the following data on demand for unleaded gasoline from sales during the past 10 months.

Month	Gasoline Demanded (gal)
Oct.	800
Nov.	725
Dec.	630
Jan.	500
Feb.	645
Mar.	690
Apr.	730
May	810
June	1,200
July	980

a. Compute an exponentially smoothing forecast using an alpha value of .30.

b. Compute an adjusted exponentially smoothed forecast (alpha = .30 and beta= .20).

c. Compare the two forecasts using MAPD and indicate which seems to be more accurate.

Please show all work to help me understand and the computed values of formulas in problems.

Reference no: EM13948238

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Compute an adjusted exponentially smoothed forecast

Reference no: EM13948238

Reference no: EM13948238

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