which of the following statements about exponential smoothing forecasting model is true? group of answer choices the exponential smoothing model requires access to historical data for at least a five-year period the exponential smoothing model is most useful when short-term forecasts are needed and it relies on more recent data than very early ones the exponential smoothing model is most useful when precise forecasts are required the exponential smoothing model should be used only by hospitality businesses that experience seasonal sales patterns and no other sales trends

The true statement about exponential smoothing forecasting model is option (d) The exponential smoothing technique is most useful when short-term forecasts are needed.

Exponent:

In math, exponent tells a number says how many times to use that number in a multiplication.

Given,

Here we need to find the statements about exponential smoothing forecasting model is true.

In order to find the true statement we have to know the definition of exponential smoothing forecasting model.

Exponential smoothing forecasting model also known as ETS model is a family of forecasting models.

And it is used as weighted averages of past observations to forecast new values.

And the idea is to give more importance to recent values in the series. Therefore, as observations get older in time, the importance of these values get exponentially smaller.

Based on these explanation we have identified that option (d) is correct.

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