Exponential smoothing constant determination to minimize the forecast error
One of the fundamental issues in exponential smoothing is to determine the smoothing constants. Researchers usually use the determination available in the statistical software. However, the result may not able to minimize the forecast error. For this study, the optimal values of smoothing constant are based on minimizing the forecast errors, mean absolute percentage error (MAPE) and root mean squared error (RMSE). The double exponential smoothing method or Holt's method is chosen where two constant values must identify specifically the level and trend estimate, respectively. The real d