Question

The manager of a small health clinic would like to use exponential smoothing to forecast demand for laboratory services in the facility. However, she is not sure whether to use a high or low value of α. To make her decision, she would like to compare the forecast accuracy of a high and low α on historical data. She has decided to use α = 0.7 for the high value and α = 0.1 for the low value. Given the following historical data, which do you think would be better to use?
Week ........ Demand (lab requirements)
1 .................. 330
2 .................. 350
3 .................. 320
4 .................. 370
5 .................. 368
6 .................. 343



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  • CreatedJuly 11, 2014
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