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Concept explainers
A
To determine: The adjustment that should be made by Mr. Kittle to make in next year’s forecast to take into account the corrected value of the number of claims four years ago
Introduction:
A
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Answer to Problem 47AP
There should be a decrease in forecast by 40.
Explanation of Solution
Computing the difference made four years ago
Number of claims = 1400-1200
N = 200
Since it is a five year moving average, the change in calculation is shown below:
C =
Therefore, there should be a decrease in forecast by 40.
B
To calculate: The adjustment required for next year’s forecast
Introduction: Forecasting is the main function of predicting the future using the information available for decision making. It is a mechanism for planning decisions based on the predicted information.
B
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Answer to Problem 47AP
The exponential smoothing forecasting, there should be a decrease of 16.384
Explanation of Solution
Considering exponential smoothing constant,
Adjustment forecast =
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Chapter 2 Solutions
Production and Operations Analysis, Seventh Edition
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