A concert promoter is forecasting this year's attendance for one of his concerts based on the following historical data: Year Attendance 4 years ago 10,000 3 years ago 12,000 2 years ago 18,000 Last year 20,000 What is this year's forecast using exponential smoothing with alpha = 2, if last year's smoothed forecast was 15,000? A. 20,000 B. 19,000 C.17,500 D.16,000 E.15,000

Q: Sales of tablet computers at Marika Gonzalez's electronics store in Washington, D.C., over the past…

A: Ans)

Q: Ed Rogers owns an appliance store. Sales data on a particular model of a DVD player for the past six…

A: Absolute Error =  | Actual sales - Forecast | MAD = Average of Absolute Error

Q: he number of disk drives (in millions) made at a plant in China during the past 5 years follows:…

A: Here we find a forecast line that best fits the data points representing the actual. Best  fit means…

Q: Lori Cook has developed the following forecasting model: where y demand for Kool Air conditioners…

A: Regression is a statistical technique used in the fields of finance, investing, and other…

Q: Given the following history, use a three-quarter moving average to forecast the demand for the third…

A: In operations management, Forecasting serves as a navigating tool for ships traversing uncharted…

Q: A store has the following demand figures for the last five years: Year Demand 1 1000 2 1500 3 1200 4…

A: Formulae used:  For Exponential Smoothing Forecast: Ft =α At-1 + (1-α)Ft-1WhereFt-1= forecast for…

Q: The value of the forecast is _________patients ​(round your response to two decimal​ places).

A: Forecast = sum of the product of weights and actual no.of patients/sum of weights

Q: answer the following question

A: Find the Linear regression equation calculation below: So the a and b values are 35.00 and 1.03…

Q: Auniversity lecturer needs to allocate time next week to include time for office hours. He needs to…

A: Exponential smoothing is a time series forecasting method. It calculates a weighted average of past…

Q: The Carbondale Hospital is considering the purchase of a new ambulance. The decision will rest…

A: Ans) Concept: 2 year moving average is one of the method of forecasting. In 2 year moving average,…

Q: Sales of Volkswagen's popular Beetle have grown steadily at auto dealerships in Nevada during the…

A: Exponential smoothing forecasting is a time series forecasting method that uses weighted averages of…

Q: The Carbondale Hospital is considering the purchase of a new ambulance. The decision will rest…

A: 2 year moving average is calculate by the sum of last two year and divided with number of moving…

Q: Sales of tablet computers at Ted Glickman's electronics store in Washington, D.C., over the past 10…

A: Formulae used:  Exponential smoothing Forecast formula: F(t+1)= Ft+α*(At-Ft) Where,α = Smoothing…

Q: The actual number of patients at Providence Emergency Medical Clinic for the first six weeks of this…

A: Weighted moving average is a forecasting model that consider the weighted values from actual demand…

Q: The Carbondale Hospital is considering the purchase of a new ambulance. The decision will rest…

A: The miles driven during 5 years: Year12345Mileage 30004050345038003800

Q: Complete the "Forecast for tomorrow" column in the table above. Use an exponential smoothing…

A:

Q: The following company sells two family of products. The company begins its roll-up forecast…

A: Find the given details below:

Q: A company wants to produce a weighted moving average forecast for April with the weights 0.40, 0.35,…

A: Forecasting is a method of predicting future trends, based on historical data.

Q: What will be the demand forecast for period t? (Keep one decimal place in your answer).

A: The weighted average moving forecast is a technique that is used to predict the future of a…

Q: Harlen Industries Limited has a simple forecasting model whose forecast demand has been plotted…

A: In this question, we have the table data for an 8 periods duration, for each period, we have actual…

Q: Assume that the initial forecast for February is 65.0 (in $ thousands) and the initial trend…

A: There are various methods of forecasting. One of the methods is the trend-adjusted exponential…

Q: Discuss what are the benefits as a prediction tool over the moving average of exponential smoothing?

A: Exponential smoothing is more adaptable than sliding midpoints in that it allows for easy adjustment…

Q: The following gives the number of accidents that occurred on Florida State Highway 101 during the…

A: Given data is

Q: Sunrise is planning its purchases of ingredients for bread production. If bread demand had been…

A: Exponential smoothing could be a statistic statement technique for univariate information that may…

Q: Sales of tablet computers at Marika Gonzalez's electronics store in Washington, D.C., over the past…

A: Find the given details below:

Q: Sales of tablet computers at Ted Glickman's electronics store in Washington, D.C., over the past 10…

A: Given, Week Demand 1 20 2 23 3 27 4 37 5 26 6 30 7 35 8 22 9 24 10 29…

Q: The following data show the number of liters of gasoline sold by Mackrin's in Colorado for the past…

A: a) It is clear from the results that Exponential smoothing forecast model provides the Lowest mean…

Q: Mr Brown a small-scale manufacturer of musical instruments thinks that the demand for guitars may be…

A: Regression is a statistical technique used in the fields of finance, investing, and other…

Q: What benefits does exponential smoothing have over moving averages as a forecasting tool?

A: As a forecasting function, exponential smoothing has the following benefits over running averages:…

Q: The monthly sales (in units) for a refrigerator in April 2021 through September 2021 were as…

A: Month (2021)SalesApril42May56June49July41August56September59

Q: Lori Cook has developed the following forecasting model: y = 45.0 + 4.50x, where y = demand for Kool…

A: Given equation for the forecasting model, y=45+4.50×x y= Demand for Kol air conditioners x=the…

Q: a) Using simple linear regression, the forecast for the number of disk drives to be made next year =…

A: In this question, for each year, I have disk drives data, using the Ms Excel software, I have…

Q: wine sold by the Connor Owen winery in an eight-year period is as follows: YEAR CASES OF MERLOT…

A: Given :To find :Forecast for year 8 using exp. smoothing

Q: Demand for oil changes at Garcia's Garage has been as follows: Month January February March April…

A: Ans)

Q: The Carbondale Hospital is considering the purchase of a new ambulance. The decision will rest…

A:

Q: Other questions: (1) What is the MAD for a = .37 (2) Which smoothing constant would you prefer?

A: Forecasting is one of the techniques to know some future figures on the basis of past data. This…

Q: Community General Hospital finds itself treating many bicycle accident victims. Data from the last…

A: To calculate the exponentially smoothed forecast using the given data and the alpha value of 0.31,…

Q: Data collected on the yearly demand for 50-pound bags of fertilizer at Wallace Garden Supply are…

A: Given, Year Demand FOR FERTILIZER(1,000S OF BAGS) 1 4 2 6 3 4 4 5 5 10 6 8 7 7 8…

Q: The Charbondale Hospital is considering the purchase of a new ambulance. The decision will rest…

A: Given data-    Year Mileage (in 100) 2008 30 2009 40 2010 34 2011 38…

Q: A police station had to deploy a police officer for an emergency multiple times in the last four…

A: A moving average is a method for determining the overall trends in a data collection by taking the…

Q: Compute the exponentially smoothed forecast with a = 0.40, the adjusted exponentially smoothed…

A: Forecasting is predicting in advance the demand of the future. General formulas for exponential…

Q: Given an actual demand this period of 90, a forecast for this period of 58, and an alpha of 0.2,…

A: Given, This period demand = 90 This period forecast = 58 Alpha value = 0.2

Q: The Mean Absolute Deviation (MAD) is O 0.5 2.5 1.48 7.01

A: Option 2) 2.5 Given,

Q: Given: Year     Demand 1             7 2             9 3             5 4             9 5…

A: Note: - As we can answer only up to three subparts, we will answer the first three(1, 2, and 3)…

Q: A security company had to deploy guards for emergencies multiple times in the last four evenings.…

A: DaysNo. of emergencies Monday7 Tuesday4 Wednesday8 Thursday11 Friday-Forecast for Monday = 10…

Q: a) Using a 2-year moving average, the forecast for year 6 = 3800 miles (round your response to the…

A: Forecasting is knowing the outcome of future events by making predictions and estimates based on…

Q: Café Michigan's manager, Gary Stark, suspects that demand for mocha latte coffees depends on the…

A: Formulae used:  Linear regression forecast:  Y= a+bxwhere,b= slope of the line a= Value of Ywhere…

Forecasting in Business

Forecasting is the process of predicting the future based on the past and the present data and circumstances. In other words, forecasting is the act of making a detailed analysis of future events based on the decisions made in the past as well as the present. Forecasting plays a very important role in operational management as it helps in planning and decision-making. It is not only important for the success of a business but also contributes to individual growth and success. Many business organizations or companies have failed due to the shortcomings of their forecasting.