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3 cards from this section. Quick, good the night before a test.
Explain what Simple Exponential Smoothing is used for.
Think about when past observations are sufficient.
What is the main formula for SES?
Recall how α influences the forecast.
What does Simple Exponential Smoothing primarily focus on?
Remember how it differs from other trends and seasonality.
True or False: Holt's Linear Trend Model can forecast data with both trends and seasonality.
Reflect on what each model is best at addressing.
A retail store experiences fluctuating sales with a noticeable trend and distinct seasonal sales spikes. Which model is suitable for accurate forecasting? Explain why.
Consider the overall sales pattern and adjustments needed for accuracy.
If the sales data is consistently increasing year after year, how might you select your α and β values in Holt's model? Provide a reasoning for your choices.
Think about how quickly the sales fluctuate.
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