a) Calculate the forecasted registrations for years 2 through 12 using exponential smoothing, with a smoothing constant (a) of 0.40 and a starting forecast of 6.00 for year 1 (round your responses to one decimal place): Year 4 6 7 10 11 12 Forecast (000) 6.00

a) Calculate the forecasted registrations for years 2 through 12 using exponential smoothing, with a smoothing constant (a) of 0.40 and a starting forecast of 6.00 for year 1 (round your responses to one decimal place): Year 4 6 7 10 11 12 Forecast (000) 6.00

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter13: Regression And Forecasting Models

Section13.7: Exponential Smoothing Models

Problem 26P: The file P13_26.xlsx contains the monthly number of airline tickets sold by the CareFree Travel...

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Concept explainers

Forecasting in Business

Forecasting is the process of predicting the future based on the past and the present data and circumstances. In other words, forecasting is the act of making a detailed analysis of future events based on the decisions made in the past as well as the present. Forecasting plays a very important role in operational management as it helps in planning and decision-making. It is not only important for the success of a business but also contributes to individual growth and success. Many business organizations or companies have failed due to the shortcomings of their forecasting.

Question

Data collected on the yearly registrations for a Six Sigma seminar at the Quality College are shown in the following table:
Year
1
5
6.
7
8
9
10
11
Registrations (000)
4.00
5.00
3.00
5.00
9.00
9.00
6.00
10.00 11.00 16.00 12.00
a) Calculate the forecasted registrations for years 2 through 12 using exponential smoothing, with a smoothing constant (a) of 0.40 and a starting forecast of 6.00 for year 1 (round your responses to one decimal place):
Year
1
2
3
5
6
7
10
11
12
Forecast (000)
6.00

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