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Application of Exponential Smoothing in Forecasting for Business Expansion and Resource Management

This assignment covers the application of exponential smoothing in forecasting, with a focus on business expansion and resource management.

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    Application of Exponential Smoothing in Forecasting for Business Expansion and Resource Management Discussion 1 Choose one of the forecasting methods and explain the rationale behind using it in real-life. Describe how a domestic fast food chain with plans for expanding into China would be able to use a forecasting model. | like the Exponential Smoothing forecasting method because | use this concept at work when trying to determine our peak months for new projects. This enables me to be more liberal with vacation time and training sessions for my staff. The Exponential Smoothing forecasting method utilizes historical data but gives more weight to the most recent historical data due to the possibility of actual change. This is very useful when you work in an industry that evolves based on numerous current factors such as the economy's health. | work in government contracting, which is kind of seasonal if you look at the government's end of year as the busiest time period due to the need of the government to finalize money pools and allocations. This industry is impacted due to government spending, which was been a major topic due to the economic health of our country and the deficit. | have been using a similar approach as Exponential Smoothing to determine the expectations of new business on a monthly basis. | compare several years’ worth of data by month and then weigh the most recent months more heavily due to the changes in the contracting world. This method has proven to be useful and relatively accurate enough for me to manage my staff's absences. | Vv TT StudyXY

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