A company finds that its forecasts, using an (alpha) α of 0.20, are becoming increasingly inaccurate...
A company finds that its forecasts, using an (alpha) α of 0.20, are becoming increasingly inaccurate (error is increasing). What should they best do, given the options below?
(Error = Actual demand minus forecast)
| a. |
consult the ‘predict your future for $5’ shop across the street |
|
| b. |
increase value of alpha |
|
| c. |
stay with the same alpha |
|
| d. |
decrease value of alpha |
Homework Answers
The correct option is b. increase value of alpha as increasing the value of alpha will forecast the value closer to the previous actual values.
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