Using the first observed data value is a common way of initializing the forecasts in the exponential smoothing model.

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Quizplus · Accepted Answer

Using the first observed data value as the initial forecast in the exponential smoothing model is a common practice. This is also called the "simple exponential smoothing" method, where the initial forecast is equal to the first data point, and the subsequent forecast values are updated based on the past forecast and the past observed value using a smoothing parameter.

Using the First Observed Data Value Is a Common Way