Question:
(a) State and explain the conditions under which the following exponential smoothing techniques will be chosen:
(i) Winters' exponential smoothing.
(ii) Holt's exponential smoothing, and
(iii) Simple exponential smoothing,
(b) The adaptive-response-rate single exponential smoothing (ADRES) is another example of an exponential smoothing technique. Outline the main differences between the normal exponential models and ADRES model.