Question: A check-processing center uses exponential smoothing to forecast lire number of incoming checks each month. The number of checks received in June was 40 million, while the forecast was 41 million. A smoothing constant of 0.15 is used.
a. Using exponential smoothing and given o, the forecast for the month of July = million checks received (round your response to one decimal place).
b. If the check-processing center received 44 million checks In the month of July, then using exponential smoothing and given a. the forecast for the month of August = million checks received (round your response to one decimal place).