Find out the forecast according to the service manager during the next week. Concept Introduction: The method followed in predicting the future value depending on the previous forecast including the portion of errors in the previous forecast is called Simple Exponential Smoothing forecast.

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Answer 1

Question

Chapter 4, Problem 30P

A

Summary Introduction

Interpretation: Find out the forecast according to the service manager during the next week.

Concept Introduction: The method followed in predicting the future value depending on the previous forecast including the portion of errors in the previous forecast is called Simple Exponential Smoothing forecast.

B

Summary Introduction

Interpretation: Determine the forecast error for the last week.

Concept Introduction: Forecast error indicates the percent of error in the forecasted value based on the actual outcome.

C

Summary Introduction

Interpretation: Determine the forecast value for the next week based on the three week moving averages.

Concept Introduction: Using regression, we will be able to define relationship between any two variables, denoting the cause and effect. The method can also be used to forecast the future depending on the past performances.

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Three years ago CMSV admissions office began using exponential smoothing with a smoothing constant of 0.25 to forecast the number of applications for admissions each year. Based on the previous experience, this process was begun with an initial estimate of 5000 applications. The actual number of applications turned out to be 4600 in the first year and grew to 5300 in the second year and 6000 last year. Determine the forecasts that were made for each of the past three years. Calculate MSE and MAD for these three years and determine the forecast for the next year.

Sales of Volkswagen's popular Beetle have grown steadily at auto dealerships in Nevada during the past 5 years (see table below). Using exponential smoothing with a smoothing constant (α) of 0.30 and a starting forecast of 415.00, the following sales forecast has been developed: Year Sales Forecasted Sales 2005 455 415.00 2006 502 427.00 2007 518 449.50 2008 563 470.05 2009 584 497.94 Part 2 The MAD for a forecast developed using exponential smoothing with α = 0.30 is enter your response here sales (round your response to two decimal places). Part 3 Forecasted sales for years 2006 through 2010 using exponential smoothing with α = 0.60 and a starting forecast of 415.00 are (round your responses to two decimal places): Year 2005 2006 2007 2008 2009 2010 Forecasted Sales 415.00 enter your response here enter…

Sales of Volkswagen's popular Beetle have grown steadily at auto dealerships in Nevada during the past 5 years (see table below). Using exponential smoothing with a smoothing constant (a) of 0.30 and a starting forecast of 410.00, the following sales forecast has been developed: Forecasted Year Sales Sales 2005 450 410.00 2006 495 422.00 2007 518 443.90 2008 570 466.13 2009 585 497.29 The MAD for a forecast developed using exponential smoothing with a = 0.30 is 75.73 sales (round your response to two decimal places). Forecasted sales for years 2006 through 2010 using exponential smoothing with a = 0.60 and a starting forecast of 410.00 are (round your responses to two decimal places): Year 2005 2006 2007 2008 2009 2010 Forecasted Sales 410.00 434.00 470.60 499.04 541.62 567.65 The MAD for a forecast developed using exponential smoothing with a = 0.60 is sales (round your response to two decimal places).

Answer 2

Question

Chapter 4, Problem 30P

A

Summary Introduction

Interpretation: Find out the forecast according to the service manager during the next week.

Concept Introduction: The method followed in predicting the future value depending on the previous forecast including the portion of errors in the previous forecast is called Simple Exponential Smoothing forecast.

B

Summary Introduction

Interpretation: Determine the forecast error for the last week.

Concept Introduction: Forecast error indicates the percent of error in the forecasted value based on the actual outcome.

C

Summary Introduction

Interpretation: Determine the forecast value for the next week based on the three week moving averages.

Concept Introduction: Using regression, we will be able to define relationship between any two variables, denoting the cause and effect. The method can also be used to forecast the future depending on the past performances.

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Answer 3

Question

Chapter 4, Problem 30P

A

Summary Introduction

Interpretation: Find out the forecast according to the service manager during the next week.

Concept Introduction: The method followed in predicting the future value depending on the previous forecast including the portion of errors in the previous forecast is called Simple Exponential Smoothing forecast.

B

Summary Introduction

Interpretation: Determine the forecast error for the last week.

Concept Introduction: Forecast error indicates the percent of error in the forecasted value based on the actual outcome.

C

Summary Introduction

Interpretation: Determine the forecast value for the next week based on the three week moving averages.

Concept Introduction: Using regression, we will be able to define relationship between any two variables, denoting the cause and effect. The method can also be used to forecast the future depending on the past performances.

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Answer 4

Question

Chapter 4, Problem 30P

A

Summary Introduction

Interpretation: Find out the forecast according to the service manager during the next week.

Concept Introduction: The method followed in predicting the future value depending on the previous forecast including the portion of errors in the previous forecast is called Simple Exponential Smoothing forecast.

B

Summary Introduction

Interpretation: Determine the forecast error for the last week.

Concept Introduction: Forecast error indicates the percent of error in the forecasted value based on the actual outcome.

C

Summary Introduction

Interpretation: Determine the forecast value for the next week based on the three week moving averages.

Concept Introduction: Using regression, we will be able to define relationship between any two variables, denoting the cause and effect. The method can also be used to forecast the future depending on the past performances.

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Answer 5

Chapter 4, Problem 30P

A

Summary Introduction

Interpretation: Find out the forecast according to the service manager during the next week.

Concept Introduction: The method followed in predicting the future value depending on the previous forecast including the portion of errors in the previous forecast is called Simple Exponential Smoothing forecast.

B

Summary Introduction

Interpretation: Determine the forecast error for the last week.

Concept Introduction: Forecast error indicates the percent of error in the forecasted value based on the actual outcome.

C

Summary Introduction

Interpretation: Determine the forecast value for the next week based on the three week moving averages.

Concept Introduction: Using regression, we will be able to define relationship between any two variables, denoting the cause and effect. The method can also be used to forecast the future depending on the past performances.

Answer 6

Chapter 4, Problem 30P

A

Summary Introduction

Interpretation: Find out the forecast according to the service manager during the next week.

Concept Introduction: The method followed in predicting the future value depending on the previous forecast including the portion of errors in the previous forecast is called Simple Exponential Smoothing forecast.

Answer 7

Chapter 4, Problem 30P

A

Summary Introduction

Interpretation: Find out the forecast according to the service manager during the next week.

Concept Introduction: The method followed in predicting the future value depending on the previous forecast including the portion of errors in the previous forecast is called Simple Exponential Smoothing forecast.

Answer 8

B

Summary Introduction

Interpretation: Determine the forecast error for the last week.

Concept Introduction: Forecast error indicates the percent of error in the forecasted value based on the actual outcome.

Answer 9

B

Summary Introduction

Interpretation: Determine the forecast error for the last week.

Concept Introduction: Forecast error indicates the percent of error in the forecasted value based on the actual outcome.

Answer 10

C

Summary Introduction

Interpretation: Determine the forecast value for the next week based on the three week moving averages.

Concept Introduction: Using regression, we will be able to define relationship between any two variables, denoting the cause and effect. The method can also be used to forecast the future depending on the past performances.

Answer 11

C

Summary Introduction

Interpretation: Determine the forecast value for the next week based on the three week moving averages.

Concept Introduction: Using regression, we will be able to define relationship between any two variables, denoting the cause and effect. The method can also be used to forecast the future depending on the past performances.

Answer 12

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Answer 13

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Answer 14

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Answer 15

Ch. 4 - Prob. 1DQ Ch. 4 - Prob. 2DQ Ch. 4 - Prob. 3DQ Ch. 4 - Prob. 4DQ Ch. 4 - Prob. 1P Ch. 4 - Prob. 2P Ch. 4 - Prob. 3P Ch. 4 - Prob. 4P Ch. 4 - Prob. 5P Ch. 4 - Prob. 6P

Find out the forecast according to the service manager during the next week. Concept Introduction: The method followed in predicting the future value depending on the previous forecast including the portion of errors in the previous forecast is called Simple Exponential Smoothing forecast.

Solution Summary: The author explains how to determine the forecast error for the next week based on the three week moving averages.

Concept explainers

Videos

Interpretation: Determine the forecast error for the last week.

Concept Introduction: Forecast error indicates the percent of error in the forecasted value based on the actual outcome.

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Chapter 4 Solutions

Find out the forecast according to the service manager during the next week. Concept Introduction: The method followed in predicting the future value depending on the previous forecast including the portion of errors in the previous forecast is called Simple Exponential Smoothing forecast.

Solution Summary: The author explains how to determine the forecast error for the next week based on the three week moving averages.

Concept explainers

Videos

Interpretation: Determine the forecast error for the last week. Concept Introduction: Forecast error indicates the percent of error in the forecasted value based on the actual outcome.

Want to see the full answer?

Chapter 4 Solutions

Interpretation: Determine the forecast error for the last week.

Concept Introduction: Forecast error indicates the percent of error in the forecasted value based on the actual outcome.