Final answer:
To forecast the next month's demand using the single exponential smoothing method, we need to calculate the forecasted demand for the next month. The formula for single exponential smoothing is F(t+1) = F(t) + α * (D(t) - F(t)), where F(t+1) is the forecasted demand for the next month, F(t) is the forecasted demand for the current month.
Step-by-step explanation:
To forecast the next month's demand using the single exponential smoothing method, we need to calculate the forecasted demand for the next month. The formula for single exponential smoothing is:
F(t+1) = F(t) + α * (D(t) - F(t))
Where F(t+1) is the forecasted demand for the next month, F(t) is the forecasted demand for the current month, D(t) is the actual demand for the current month, and α is the smoothing constant.
Given that the forecasted demand for the current month is 1382.67 and the actual demand for the current month is 1390.67, we can substitute these values into the formula to calculate the forecasted demand for the next month.
F(2) = 1382.67 + α * (1390.67 - 1382.67)
Since the value of α is not given, we cannot calculate the exact forecasted demand for the next month without knowing this value. However, by using different values of α, we can generate multiple forecasts and determine the one that best fits the historical data.