Question: A firm uses a simple exponential smoothing method with a smoothing constant of 0 . 1 5 for estimating the demand for a particular product.

A firm uses a simple exponential smoothing method with a smoothing constant of 0.15 for estimating the demand for a particular product. The actual demand for six months is available. The forecast for June is 500 units. Estimate the forecast for December. Calculate Mean Absolute Deviation (MAD) and BIAS if the actual demand for December is 510 units.
\table[[Months,Jun,Jul,Aug,Sep,Oct,Nov],[Actual Demand,450,505,516,488,467,554]]
A firm uses a simple exponential smoothing method

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