Forecasting: Exponential Smoothing

📈 Learn more about forecasting in operations and supply chain management with our latest video on Exponential Smoothing! 🚀
In this insightful tutorial, we delve into the world of Exponential Smoothing, a robust forecasting tool that can revolutionize your approach to demand planning. Whether you're a seasoned professional or just getting started in the field, understanding how to wield this tool can significantly enhance your decision-making prowess.
🔍 What will you learn?
- The fundamentals of Exponential Smoothing and its application in forecasting.
- How to choose the right smoothing parameter for your specific needs.
- A step-by-step guide through a practical example in operations and supply chain management.
💡 Why Exponential Smoothing?
In the dynamic landscape of operations and supply chain management, the ability to predict future demand is paramount. Exponential Smoothing stands out as a versatile method that adapts to changing trends, making it a go-to tool for forecasting.
🛠 Real-world Example:
Witness the power of Exponential Smoothing in action as we guide you through a practical example. See how this tool can refine your forecasts, optimize inventory management, and ultimately contribute to the success of your operations.
🎓 Who is this video for?
- Supply Chain Professionals
- Operations Managers
- Students and enthusiasts eager to deepen their understanding of forecasting techniques
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Answer to Exercise:
1. Period 1 (t=1):
F1 = 52+0.3 × (50−52) = 51.4
2. Period 2 (t=2):
F2 = 51.4+0.3 × (60−51.4) = 53.98
3. Period 3 (t=3):
F3 = 53.98+0.3 × (45−53.98) =51.286
4. Period 4 (t=4):
F4 = 51.286+0.3 × (55−51.286) = 52.4002
5. Period 5 (t=5):
F5 = 52.4002+0.3 × (50−52.4002) = 51.68014