Refer to the beer production forecasts, Exercise 14.25. In part a you obtained forecasts of 2014 and 2015 craft beer production using exponential smoothing with w = .3 and w = .7.
a. Calculate the forecast errors for the w = .3 exponentially smoothed forecasts.
b. Calculate the forecast errors for the w = .7 exponentially smoothed forecasts.
c. Calculate MAD, MAPE, and RMSE for the exponential smoothing forecasts using w = .3.
d. Calculate MAD, MAPE, and RMSE for the exponential smoothing forecasts using w = .7.
e. Refer to parts c and d. Which forecast method do you recommend?