The forecast for Monday was derived by observing Monday's demand level and setting Monday's forecast level equal to this demand level. Subsequent forecasts were derived by using exponential smoothing with a smoothing constant of 0.25. Using this exponential smoothing method, the forecast for Big Mac demand for Friday is __________ Big Macs (round your response to one decimal place).
The forecast for Monday was derived by observing Monday's demand level and setting Monday's forecast level equal to this demand level. Subsequent forecasts were derived by using exponential smoothing with a smoothing constant of 0.25. Using this exponential smoothing method, the forecast for Big Mac demand for Friday is __________ Big Macs (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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Question
11.
Consider the following actual and forecast demand levels for Big Mac hamburgers at a local McDonald's restaurant:
|
Day
|
Actual Demand
|
Forecast Demand
|
|
Monday
|
88.00
|
88.00
|
|
Tuesday
|
72.00
|
88.00
|
|
Wednesday
|
68.00
|
84.00
|
|
Thursday
|
48.00
|
80.00
|
|
Friday
|
−
|
?
|
Part 2
The forecast for Monday was derived by observing Monday's demand level and setting Monday's forecast level equal to this demand level. Subsequent forecasts were derived by using exponential smoothing with a smoothing constant of
0.25.
Using this exponential smoothing method, the forecast for Big Mac demand for Friday is __________ Big Macs (round your response to one decimal place).Expert Solution
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