Income at the law firm of Smith and Jones for the period February to July was as follows:MonthFebruary MarchAprilMayJuneJulyIncome (in $ thousand)90.091.596.085.492.296.0Assume that the initial forecast for February is $85,000 and the initial trend adjustment is 0. The smoothing constantsselected are a = 0.1 and ß = 0.2. Using trend-adjusted exponential smoothing, the forecast for the law firm's Augustincome =O thousand dollars (round your response to two decimal places).

Unadjusted forecast = alpha*actual income of previous period+(1-alpha)*forecast of the previous…

Answered: Assume that the initial forecast for…

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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