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What is the equation for exponential smoothing?
(alpha)(latest demand)+(1-alpha)(previous forecast)
How to calculate MAD?
sum of absolute deviations / number of observations
What are components of demand patterns?
trend, seasonal variations, random variation
Which of the following is the best statement about the general principles of forecasting?
forecasts are more accurate for larger groups of items
forecasts are more accurate for nearer periods of time
every forecast should include an estimate of error
all of the above are general principles of forecasting
none of the above is a general principle of forecasting
all of the above are general principles of forecasting
What are the benefits to moving average?
captures variation more, smooths less forecast lags behind
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