Question: SHOW SOLUTION AND FORMULA IN MS EXCEL 3. The Mayfair Department Store in New Orleans, is trying to determine the amount of sales lost while

SHOW SOLUTION AND FORMULA IN MS EXCEL

3. The Mayfair Department Store in New Orleans, is trying to determine the amount of sales lost while it was shut down in July and August because of summer floods. Sales data for January through June are as shown: Month Sales ($1000s) January 185.72 February 167.84 March 205.11 April 210.36 May 255.57 June 261.19 a. Use exponential smoothing, with a = 0.4, to develop a forecast for July and August. (Hint Use the forecast for July as the actual sales in July in developing the August forecast.) Comment on the use of exponential smoothing for forecasting more than one period into the future. b. Use trend projection to forecast sales for July and August. c. Mayfair's insurance company proposed a settlement based on lost sales of $240,000 in July and in August. Is this amount fair? Why? (If not, what amount would you counter with?)

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