Strategic Forcasting

Management
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Exponential Smoothing Method
The statement ‘The future can be forecast using the exponential smoothing method if you know the most recent forecast and alpha, the smoothing constant is true. There is a need for forecasting in many situations. If there is a decision required to be made of building another generation plan in the next ten years, the forecast of future demand id needed. Forecasts are required from time to time, and this is the place in which the ‘exponential smoothing method’ comes in. Forecasting becomes important for efficient planning and effective budgeting. It is, however, important to have the smoothing constant, alpha, and most recent forecast for future forecasting to be conducted (Jacobs et al., 2004). Certain things are easier to forecast as compared to others. It may be easy to forecast w...