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 9,000 Three years ago 16,000 Two years ago 19,000 Last year 26,000   Which one of the following is closest to this year's forecast using the least squares trend line (regression) for these data? Select one: a. 41,850 b. 26,350 c. 15,500 d. 31,000

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A: Least square regression model consider Y=a+bx. Here, a indicating intercept and b indicating the…

Q: The data shown in the following table represent visitors to the Hawaiian Islands over the past…

A: Find the Given details for Seasonal and trend factors: Given details:   Visitors Quarter…

Q: Hair dryers have sold 100, 110, 120, and 130 units at Walgreens stores in Youngstown, Ohio, during…

A: a) 3-month moving average:    =110 + 120 + 1303= 120 Dryers.

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

Q: a) Using simple linear regression, the forecast for the number of disk drives 240.2 disk drives…

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Q: Year Mileage 1 3,000 2 4,050 3 3,450 4 3,800 5 3,800 a) Using a 2-year moving average, the forecast…

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Q: Select the most suitable forecasting technique (survey, Delphi, averaging seasonal, naive, trend, or…

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A:

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Q: What is the coefficient?

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Q: Answer the following question please

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A: Given data is

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A: YearMileage13100240503340043800537506

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A: NOTE: We are allowed to do one question only.…

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A:

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

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A: Below is the solution

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…

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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.