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Using exponential smoothening, a car manufacturing company predicted the demand for that year as 1040 cars. The actual sale was found to be 1140 cars. If the company’s forecast for the next year is 1080, what is the value of the smoothening constant?

Using exponential smoothening, a car manufacturing company predicted the demand for that year as 1040 cars. The actual sale was found to be 1140 cars. If the company’s forecast for the next year is 1080, what is the value of the smoothening constant? Correct Answer 0.4

Concept:

Concept:

As per the exponential smoothening method:

Ft = Ft-1 + α

Where Dt - 1 is the demand for the previous period and Ft - 1 is the forecast of previous period and α is smoothing constant

Calculation:

Given:

Dt-1 = 1140, Ft-1 = 1040, Ft = 1080

Ft = Ft-1 + α

1080 = 1040 + α

40 = α × 100

∴ α = 0.40

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