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: 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.

Question

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Answer 1

Question

Chapter 2, Problem 47AP

A

Summary Introduction

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: 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.

A

Expert Solution

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 = 2005=40

Therefore, there should be a decrease in forecast by 40.

B

Summary Introduction

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

Expert Solution

Answer to Problem 47AP

The exponential smoothing forecasting, there should be a decrease of 16.384

Explanation of Solution

Considering exponential smoothing constant, α=0.2 , the forecast is shown below:

α(1−α)n=(0.2)(0.8)4=0.08192

Adjustment forecast =

200(0.08192)=16.384

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Answer 2

Question

Chapter 2, Problem 47AP

A

Summary Introduction

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: 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.

A

Expert Solution

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 = 2005=40

Therefore, there should be a decrease in forecast by 40.

B

Summary Introduction

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

Expert Solution

Answer to Problem 47AP

The exponential smoothing forecasting, there should be a decrease of 16.384

Explanation of Solution

Considering exponential smoothing constant, α=0.2 , the forecast is shown below:

α(1−α)n=(0.2)(0.8)4=0.08192

Adjustment forecast =

200(0.08192)=16.384

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 2, Problem 47AP

A

Summary Introduction

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: 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.

A

Expert Solution

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 = 2005=40

Therefore, there should be a decrease in forecast by 40.

B

Summary Introduction

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

Expert Solution

Answer to Problem 47AP

The exponential smoothing forecasting, there should be a decrease of 16.384

Explanation of Solution

Considering exponential smoothing constant, α=0.2 , the forecast is shown below:

α(1−α)n=(0.2)(0.8)4=0.08192

Adjustment forecast =

200(0.08192)=16.384

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 2, Problem 47AP

A

Summary Introduction

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: 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.

A

Expert Solution

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 = 2005=40

Therefore, there should be a decrease in forecast by 40.

B

Summary Introduction

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

Expert Solution

Answer to Problem 47AP

The exponential smoothing forecasting, there should be a decrease of 16.384

Explanation of Solution

Considering exponential smoothing constant, α=0.2 , the forecast is shown below:

α(1−α)n=(0.2)(0.8)4=0.08192

Adjustment forecast =

200(0.08192)=16.384

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 2, Problem 47AP

A

Summary Introduction

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: 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.

A

Expert Solution

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 = 2005=40

Therefore, there should be a decrease in forecast by 40.

B

Summary Introduction

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

Expert Solution

Answer to Problem 47AP

The exponential smoothing forecasting, there should be a decrease of 16.384

Explanation of Solution

Considering exponential smoothing constant, α=0.2 , the forecast is shown below:

α(1−α)n=(0.2)(0.8)4=0.08192

Adjustment forecast =

200(0.08192)=16.384

Answer 6

Chapter 2, Problem 47AP

A

Summary Introduction

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: 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.

A

Expert Solution

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 = 2005=40

Therefore, there should be a decrease in forecast by 40.

Answer 7

Chapter 2, Problem 47AP

A

Summary Introduction

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: 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.

Answer 8

A

Expert Solution

Answer to Problem 47AP

There should be a decrease in forecast by 40.

Answer 9

A

Expert Solution

Answer 10

A

Expert Solution

Answer 11

Expert Solution

Answer 12

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 = 2005=40

Therefore, there should be a decrease in forecast by 40.

Answer 13

B

Summary Introduction

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

Expert Solution

Answer to Problem 47AP

The exponential smoothing forecasting, there should be a decrease of 16.384

Explanation of Solution

Considering exponential smoothing constant, α=0.2 , the forecast is shown below:

α(1−α)n=(0.2)(0.8)4=0.08192

Adjustment forecast =

200(0.08192)=16.384

Answer 14

B

Summary Introduction

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.

Answer 15

B

Expert Solution

Answer to Problem 47AP

The exponential smoothing forecasting, there should be a decrease of 16.384

Answer 16

B

Expert Solution

Answer 17

B

Expert Solution

Answer 18

Expert Solution

Answer 19

Explanation of Solution

Considering exponential smoothing constant, α=0.2 , the forecast is shown below:

α(1−α)n=(0.2)(0.8)4=0.08192

Adjustment forecast =

200(0.08192)=16.384

Answer 20

Ch. 2.4 - Prob. 1P Ch. 2.4 - Prob. 2P Ch. 2.4 - Prob. 3P Ch. 2.4 - Prob. 4P Ch. 2.4 - Prob. 5P Ch. 2.4 - Prob. 6P Ch. 2.4 - Prob. 7P Ch. 2.4 - Prob. 8P Ch. 2.4 - Prob. 9P Ch. 2.6 - Prob. 10P

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Answer to Problem 47AP

Explanation of Solution

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.

Answer to Problem 47AP

Explanation of Solution

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Chapter 2 Solutions

Concept explainers

Videos

Answer to Problem 47AP

Explanation of Solution

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.

Answer to Problem 47AP

Explanation of Solution

Want to see more full solutions like this?

Chapter 2 Solutions

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.