Income at the law firm of Smith and Jones for the period February to July was as follows: February 75.0 March 71.5 Month Income (in $ thousand) April 66.4 May 72.3 June July 73.5 74.0 Assume that the initial forecast for February is $70,000 and the initial trend adjustment is 0. The smoothing constants selected are a=0.2 and B=0.2. Using trend-adjusted exponential smoothing, the forecast for the law firm's August income = thousand dollars (round your response to two decimal places). The mean squared error (MSE) for the forecast developed using trend-adjusted exponential smoothing = (thousand dollars) (round your response to two decim places).
Income at the law firm of Smith and Jones for the period February to July was as follows: February 75.0 March 71.5 Month Income (in $ thousand) April 66.4 May 72.3 June July 73.5 74.0 Assume that the initial forecast for February is $70,000 and the initial trend adjustment is 0. The smoothing constants selected are a=0.2 and B=0.2. Using trend-adjusted exponential smoothing, the forecast for the law firm's August income = thousand dollars (round your response to two decimal places). The mean squared error (MSE) for the forecast developed using trend-adjusted exponential smoothing = (thousand dollars) (round your response to two decim places).
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter13: Regression And Forecasting Models
Section13.3: Simple Regression Models
Problem 9P
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Please do not give solution in image format thanku
![Income at the law firm of Smith and Jones for the period February to July was as follows:
February
75.0
Month
Income (in $ thousand)
March
71.5
April
66.4
May
72.3
June
73.5
July
74.0
Assume that the initial forecast for February is $70,000 and the initial trend adjustment is 0. The smoothing constants selected are α=0.2 and ß=0.2. Using
trend-adjusted exponential smoothing, the forecast for the law firm's August income = thousand dollars (round your response to two decimal places).
The mean squared error (MSE) for the forecast developed using trend-adjusted exponential smoothing = (thousand dollars)² (round your response to two decima
places).](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F65e4af41-82ac-4b6f-87f0-be9a60c28a73%2F106666aa-791e-407c-8f2e-d9a7068d228d%2Fm32r02h_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Income at the law firm of Smith and Jones for the period February to July was as follows:
February
75.0
Month
Income (in $ thousand)
March
71.5
April
66.4
May
72.3
June
73.5
July
74.0
Assume that the initial forecast for February is $70,000 and the initial trend adjustment is 0. The smoothing constants selected are α=0.2 and ß=0.2. Using
trend-adjusted exponential smoothing, the forecast for the law firm's August income = thousand dollars (round your response to two decimal places).
The mean squared error (MSE) for the forecast developed using trend-adjusted exponential smoothing = (thousand dollars)² (round your response to two decima
places).
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