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An organization is in the process of setting up a forecasting system for short-term forecasting of..

An organization is in the process of setting up a forecasting system for short-term forecasting of the demand for their product. They have data on the actual demand in the last six months (Table 14.16). However, they are unsure regarding which model they should use and how to fix the parameters. Prepare a report on the various issues pertaining to the use of exponential smoothening and the moving average method of forecasting.

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(Hint: Identify the parameters for each of these models, perform a series of tests to fix the model parameter, and prepare a report of inferences based on this exercise)

 

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