A check-processing center uses exponential smoothing to forecast the number of incoming checks each month. The number of checks received in June was 38 million, while the forecast was 43 million. A smoothing constant of 0.20 is used.a) Using exponential smoothing and given a, the forecast for the month of July = 42 million checks received (round your response to one decimal place).b) If the check-processing center received 45 million checks in the month of July, then using exponential smoothing and given a, the forecast for the month of August =million checks received (round your response to one decimal place).

Forecasting is the process of predicting the future demand or sales of customers based on previous…

b) If the check-processing center received 45 million checks in the month of July, then using exponential smoothing and given a, the forecast for the month of August =million checks received (round your response to one decimal place).

b) If the check-processing center received 45 million checks in the month of July, then using exponential smoothing and given a, the forecast for the month of August =million checks received (round your response to one decimal place).

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter13: Regression And Forecasting Models

Section: Chapter Questions

Problem 42P: The file P13_42.xlsx contains monthly data on consumer revolving credit (in millions of dollars)...

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A check-processing center uses exponential smoothing to forecast the number of incoming checks each month. The number of checks received in June was 38 million, while the forecast was 43 million. A smoothing constant of 0.20 is used.
a) Using exponential smoothing and given a, the forecast for the month of July = 42 million checks received (round your response to one decimal place).
b) If the check-processing center received 45 million checks in the month of July, then using exponential smoothing and given a, the forecast for the month of August =
million checks received (round your response to one decimal place).

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