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A dry cleaner uses exponential smoothing to forecast equipment usage at its main plant. August usage was forecasted to be 45 percent of capacity; actual usage was 56 percent of capacity. A smoothing constant of .20 is used a. Prepare a forecast for September. (Round your final answer to 2 decimal places.) Forecast for September percent of capacity b. Assuming actual September usage of 63 percent, prepare a forecast for October usage. (Round your answer to 2 decimal places.) Forecast for October percent of capacity

Forecast as per exponential smoothing:
This can be written as:
St+1=St+αϵt,
where ϵt is the forecast error (actual – forecast) for period t.
In other words, the new forecast is the old one plus an adjustment for the error that occurred in the last forecast.
Forecast for September = Forecast for August + (Actual of August – Forecast of August) x Smoothing constant
= 45 + (56 – 45) x 0.20
= 45 + 2.2
= 47.2
Forecast for October = Forecast for September + (Actual of September – Forecast of September) x Smoothing constant
= 47.2 + (63 – 47.2) x 0.20
= 47.2 + 3.16
= 50.36
 
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