:40:26A police station had to deploy a police officer for an emergency multiple times in the last four evenings. The table below showsthe number of emergencies each evening.(Round your answers to 3 decimal places.)Weekdayploy policeMondayTuesdayWednesdayThursdayNumber of calls each day621112Forecast for tomorrow(calls)Complete the "Forecast for tomorrow" column in the table above. Use an exponential smoothinga. forecasting approach, with a=0.1 and a forecast for Monday of 9.(Round your answer to 3 decimal places.)b.What would be their forecast for Friday using the same exponentialsmoothing forecasting approach?9

Exponential smoothing is a simple but effective forecasting method that can be used to forecast a…

Answered: 0:26 A police station had to deploy a…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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The following monthly sales of chocolate boxes (in thousands of AUS dollars) have been recorded for January, February, March, and April, respectively: 9.5, 8, 9, 9. Examining the forecasting accuracy for the month of April only: Explain which of the following forecasting method would you recommend: (i) the Naïve method, (ii) the Average method, or (iii) the Simple exponential smoothing method (assuming alpha= 0.8 and initial state (in December) of 8.5)?
Period 1 2 3 4 5 New Accounts Period 201 215 212 229 236 6 7 8 9 10 New Accounts Period 233 249 253 254 268 11 12 13 14 15 New Accounts 282 276 281 289 311
A concert promoter is forecasting this year's attendance for one of his concerts based on the following historical data: Year Attendance Four Years ago 10,000 Three Years ago 12,000 Two Years ago 18,000 Last Year 20,000 What is this year's forecast using exponential smoothing with alpha = 0.2, if last year's smoothed forecast was 15,000?
Forecasting with exponential smoothing has been compared to driving a car while gazing in the rearview mirror. What circumstances must exist for driving a car that are equivalent to the assumptions made while applying exponential smoothing.
The number of cans of soft drinks sold in a machine each week is recorded below. Develop forecasts for the period indicated and error calculations. 155, 145, 155, 162, 180, 165, 172, 149, 170, 172 Exponential smoothing. Use Excel Solver to determine the optimum alpha value to minimize MSE and answer: What is the Mean Absolute Percentage Error (MAPE)?
Identify and explain the areas other than mentioned where the Hard Rock Cafe could use forecasting models
Weekly income for Quiet Mental Breakdown, an online psychology firm, is provided below. Determine, on the basis of minimizing the mean square error, whether a three-period or four-period simple moving average gives a better forecast. Week Income 1 980 2 1040 3 1120 4 1050 5 960 6 990 7 1030 8 1260 9 1240 10 1100 Group of answer choices Both the four-period & three-period simple moving averages have the same forecast accuracy in terms of their MSE There is not enough information to determine the answer The four-period simple moving averages gives a better forecast because it has the smallest MSE The three-period simple moving average gives a better forecast because it has the smallest MSE
The Toro Cutlery Company has collected monthly sales information below: MONTH January February March April The company is examining two forecasting methods, moving average and exponential smoothing for forecasting sales. a. What will the forecast be for January the following year using a three-, four-, and five-month moving averages? Do not round intermediate calculations. Round your answers to the nearest whole number. Forecast (January, 3-month MA): 87667 Forecast (January, 4-month MA): 72500 Forecast (January, 5-month MA): 69600 b. What will the forecast be for January the following year using exponential smoothing with a = 0.6? Assume the forecast for February this year is 25,000. Do not round intermediate calculations. Round your answer to the nearest whole number. SALES 25,000 18,000 43,000 110,000 MONTH May June July August SALES MONTH 84,000 September 28,000 October 97,000 November 58,000 December SALES 27,000 105,000 82,000 76,000
Forecasting The manager of a popular tourist resort wants to use the manual trend projection forecasting technique and exponential smoothing without trend to forecast room occupancy at the resort for the next 4 years. Using a numerical example, demonstrate how these techniques can be used to do the forecast.
The accompanying dataset provides the closing prices for four stocks and the stock exchange over 12 days. Complete parts a through c. a. Use Excel's Data Analysis Exponential Smoothing tool to forecast each of the stock prices using simple exponential smoothing with a smoothing constant of 0.3. Complete the exponential smoothing forecast model for stock A. (Type integers or decimals rounded to two decimal places as needed.) Date Forecast A 09/03/2010 09/07/2010 enter your response here 09/08/2010 enter your response here 09/09/2010 enter your response here 09/10/2010 enter your response here 09/13/2010 enter your response here 09/14/2010 enter your response here 09/15/2010 enter your response here 09/16/2010 enter your response here 09/17/2010 enter your response here 09/20/2010 enter your response here 09/21/2010 enter your response here Date A B C D Stock Exchange…
Explain any one qualitative forecasting technique. How do you measure the forecast error? Give example.
For the data set Download data set, perform exponential smoothing with alpha = 0.1 to determine the forecast for week 20 (click on the arrow to download the file). Be sure to label the forecasted value for week 20. You must show all work in an Excel file and upload the Excel file. Gasoline data set week Sales (1000s of gallons) 1 17 2 21 3 19 4 23 5 18 6 16 7 20 8 18 9 22 10 20 11 15 12 22 13 31 14 34 15 31 16 33 17 28 18 32 19 30

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