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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
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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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).
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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