The following data (in the table below) is available for the sales in the last 10 years. A forecasting model (M) based on exponential smoothing and time series analysis predicts the sales to be. Use linear regression (time-series) to develop your own model (R). Compute the forecast according to your model (R) and the given model (M) for the next time period. Combine the two forecasts to develop the best combined forecast.
t Sales(t)
1 60,108
2 64,302
3 59,935
4 62,795
5 62.673
6 66,675
7 67,973
8 71,967
9 74,683
10 73.346