Two methods are used to predict how many customers will call in for help in the next four days. The first method predicts thenumbers of callers to be 49, 42, 46, and 50 for the four respective days. The second method predicts 48, 43, 47, and 49 for thefour respective days. The actual numbers of callers turn out to be 50, 40, 45, and 48. Which method has the smaller meanabsolute error (MAE)?O Both methods have the same MAEThe second method.The first methodO Cannot be determined

Here, I have been given the actual data along with the forecasted data using two methods, I…

Answered: Two methods are used to predict how…

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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The following data has been collected on the number of customers seen to arrive to a museum in a succession of 5-minute intervals: 5, 1, 3, 7, 5, 5, 6, 7, 5, 7, 4, 8, 1, 5, 2, 3, and 5. Estimate the squared coefficient of variation of the arrival process. If this data was known to come from a Poisson process, what would be your estimate of λ, the rate of customer arrivals?
A Problem Set 3-edited Mailings Review View Tell me AaBbCcDdEe AaBbCcDdEe AaBbCcDdEe AaBbCcDdEe Normal Body Text List Paragraph No Spacing 5. Table 1 shows the daily stock price of Apple Inc. (AAPL) in the past few trading days. Table 1. Daily stock prices of Apple Inc. 1- 4- 5- 6- 7- 8- 11- 12- 13- 14- 15- 18- Date Nov Nov Nov Nov Nov Nov Nov Nov Nov Nov Nov Nov Stock 255.1 256.7 256.4 256.5 259.4 260.1 262.2 262 264.5 262.6 265.8 265.7 Price Since the stock market closes on weekends, Table 1 only shows stock prices during weekdays. Please answer the following questions based on the given information. (a) Apply the moving average (MA) model with a three-day lag (q = 3) and a five-day lag (q =5) to forecast Apple Inc.'s stock price in the following three trading days (i.e., its stock price on November 19, 20 and 21). (Hint: calculate the stock price on November 19 first, and then use the estimated stock price of November 19 to forecast the stock price on November 20.) (ROUND TO ONE…
We calculate the three-period moving averages for a time series for all time periods except the: Select one: a. first and last two periods. b. last period. c. first and last period. d. first period.
Selection and employment of the correct estimation method is: Multiple Choice O O O Easy once the data is gathered. Relatively easy because only two effective methods exist. Dependent on the accuracy/cost tradeoff for the estimation objectives. Primarily subjective in nature. Difficult because so many effective methods are available.
Let's work together to reunite the cards with their owners North Africa is a country with a population of 100 million citizens and all residing within 20 provinces. It is the government's responsibility to make sure that every citizen of the country has a valid form of identity. The country was using a "Bar- Coded ID Book" as a form of citizen's identification. Two years ago they replaced "Bar-Coded ID Book" by "Smart ID Card". Citizens owning a Bar- Coded ID Book can apply for a Smart ID Card at no cost, new applicants are also issued ID cards at no cost. About 50% of the population holds "Smart ID Cards". Transiting from bar-coded ID book to "Smart ID Card" has been a successful project. However, there is a lot of reported cases everyday where citizens are losing their ID Cards. A Smart ID card is a small card (similar size to a bank card) with a chip that can store information about the citizen, however due to its size and flexibility compared to bar-coded book there is a high…
Several credit card firms now give users one-time-use credit card numbers as an extra layer of security for online purchases. There is just one purpose for these numerals. Customers may get the one-time-use number by visiting the website of the organization that issued their credit card. What are the advantages of employing this technology as opposed to more traditional methods of utilising credit card numbers? What are the advantages and disadvantages of employing this approach as opposed to using an electronic payment gateway for your own authentication?
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Attendance at Orlando's newest Disneylike attraction, Lego World, has been as follows: Quarter Guests (in thousands) Quarter Guests (in thousands) Winter Year 1 63 Summer Year 2 120 Spring Year 1 99 Fall Year 2 54 Summer Year 1 149 Winter Year 3 94 Fall Year 1 75 Spring Year 3 151 Winter Year 2 64 Summer Year 3 210 Spring Year 2 83 Fall Year 3 99 Part 2 Based on the given attendance, the seasonal indices for each of the seasons are (round your responses to three decimal places): Season Index Winter enter your response here
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Two methods are used to predict how many customers will call in for help in the next four days. The first method predicts the numbers of callers to be 23, 5, 14, and 20 for the four respective days. The second method predicts 20, 13, 14, and 20 for the four respective days. The actual numbers of callers turn out to be 23, 10, 15, and 19. Which method has the smaller mean absolute error (MAE)? Multiple Choice The first method The second method Cannot be determined Both methods have the same MAE
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Willow Brook National Bank operates a drive-up teller window that allows customers to complete bank transactions without getting out of their cars. On weekday mornings, arrivals to the drive-up teller window occur at random. Assume that Poisson probability distribution with an arrival rate of 24 customers per hour or 0.4 customer per minute can be used to describe the arrival pattern. Assume further that the service times for the drive-up teller follow an exponential probability distribution with a service rate of 36 customers per hour, or 0.6 customer per minute. a. Use the single-channel drive-up bank teller operation to determine the probability that no customers are in the system b. Use the single-channel drive-up bank teller operation to determine the average number of customers waiting c. Use the single-channel drive-up bank teller operation to determine the average number of customers in the system

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