Consulting income at kaplan associates for the period februa

Assignment Help Basic Statistics
Reference no: EM13779361

Consulting income at Kaplan Associates for the period February - July is shown in the table below. Assume that the initial forecast for February is $65,000. Use Exponential smoothing to forecast August's income. 
Month Income ($1,000) 
February 70.0 
March 68.5 
April 64.8 
May 71.7 
June 71.3 
July 72.8 

1. Use a smoothing constant of a = 0.2. 
2. Use a smoothing constant of a = 0.5. 
3. Which forecasting constant is best in this situation?0.2 

Month Inc Forecast Trend FIT 
Feb 70.0 65.0 0 65+0 = 65 
Mar 68.5 0.1(70)+0.9(65) = 65.5 0.2(65.5-65)+(0.8)0 = 0.1 65.5+0.1=65.6 
Apr 64.8 0.1(68.5)+0.9(65.6) = 65.89 0.2(65.89-65.5)+(0.8)0.1 = 0.16 65.89+0.16=66.05 
May 71.7 0.1(64.8)+0.9(66.05) = 65.93 0.2(65.92-65.89)+(0.8)0.16 = 0.13 65.93+0.13=66.06 
Jun 71.3 0.1(71.7)+0.9(66.06) = 66.62 0.2(66.62-65.93)+(0.8)0.13 = 0.25 66.62+0.25=66.87 
Jul 72.8 0.1(71.3)+0.9(66.87) = 67.31 0.2(67.31-66.62)+(0.8)0.25 = 0.33 67.31+0.33=67.64 
Aug 0.1(72.8)+0.9(67.64) = 68.16 0.2(68.16-67.31)+(0.8)0.33 = 0.43 68.16+0.43=68.60 


Alpha 0.2
Error analysis Tracking Signal
Period Demand Forecast Error Absolute Squared Abs Pct Err Cum error Cum Abs Err Mad Track Signal (Cum error/MAD) 
period 1 70 65 5 5 25 07.14% 5 5 5 1 
Period 2 68.5 66 2.5 2.5 6.25 03.65% 7.5 7.5 3.75 2 
Period 3 64.8 66.5 -1.7 1.7 2.89 02.62% 5.8 9.2 3.066666667 1.891304348 
Period 4 71.7 66.16 5.54 5.54 30.6916 07.73% 11.34 14.74 3.685 3.07734057 
Period 5 71.3 67.268 4.032 4.032 16.257024 05.65% 15.372 18.772 3.7544 4.094395909 
Period 6 72.8 68.0744 4.7256 4.7256 22.33129536 06.49% 20.0976 23.4976 3.916266667 5.131826229 
Total 20.0976 23.4976 103.4199194 33.29%
Average 3.3496 3.916266667 17.23665323 05.55%
Next period 69.01952 Bias MAD MSE MAPE
SE 5.084779232

6. Johnson Construction Company is in the process of installing power lines to a large housing development. The company wants to minimize the total length of wire used, which would minimize the company's cost. The housing development is shown below. Each house has been numbered, and the distances between houses are given in hundreds of feet. 

1. What do you recommend to Johnson Construction Company?

7. The storm drains in the Cedar Rapids, Iowa, have been upgraded following the devastating floods of 2008. The network of storm drains and the capacities are shown below. Determine the maximum flow (in hundreds of gallons of water per minute) from node 1 to node 5. Remember that the arc has both capacity and reverse capacity. 

From Node To Node Fluid Flow 
1 2 250 
2 1 100 
1 3 100 
3 1 150 
1 4 400 
4 1 400 
1 5 150 
5 1 200 
2 4 300 
4 2 200 
3 4 250 
4 3 300 
3 5 300 
5 3 250 
4 5 300 
5 4 0 

8. From the States Data Set the following output for the Income in 2000 and for the Income in 2010 was created. 

1. Which variable has the greatest relative variation? 

9. You are a consultant working for Kaplan Consulting. The U.S. Department of Labor has requested assistance in evaluating the impact of economic stimulus on the unemployment rate. From the States Data Set the following t test was conducted to answer the question: 
"Has there been a significant reduction in the national unemployment rate between January and June?" 

1. What is the Null and the Alternative Hypotheses? 
2. What is your level of alpha (a)? 
3. What is your conclusion? 
4. What is your answer to the question? 
10. The Governor of a southern state has asked Kaplan Consulting to determine if the state were able to increase the percentage of its population with a Bachelor's Degree to 50%, what might be the expected median household income based on 2010 data? Here is the output from the Regression procedure from Excel. 

1. What would be the predicted median household income if the percentage of the population in the state were  

Reference no: EM13779361

Questions Cloud

Under a divorce agreement executed this year : 1) Under a divorce agreement executed this year, an ex-wife receives from her ex-husband cash of $25,000 annually for ten years. The agreement does not say that the payments are excludible from gross income. Does the ex-wife have gross income and, if..
Different measures of performance ranging : A balanced scorecard involves many different measures of performance ranging from the company's net income to the amount of time a customer must wait in line. How does a manager looking at a balanced scorecard know whether a particular score is good ..
Construct a new net material requirements plan : The demand for subassembly S is 150 units in week 7. Each unit of S requires 1 unit of T and 1 unit of U. Each unit of T requires 1 unit of V, 2 units of W, and 2 units of X. Finally, each unit of U requires 1 unit of Y and 3 units of Z. One firm man..
Sharing cost-saving ideas : Anecdotal evidence suggests that workers who devise more efficient work techniques may have an incentive to hide their discoveries from management.
Consulting income at kaplan associates for the period februa : Consulting income at Kaplan Associates for the period February - July is shown in the table below. Assume that the initial forecast for February is $65,000. Use Exponential smoothing to forecast August's income. Month Income ($1,000) February 70.0 Ma..
Executive compensation and take a position on whether : What is you take on executive compensation and take a position on whether U.S. senior executives are overpaid or not, and briefly present your case. Provide examples from external sources to support your position.
Where should he begin with his concern for quality : Tom Jackson's wife recently had a baby girl. When at the hospital, Tom was dazzled by the high quality of care that his wife and newborn received. As his daughter was being cuddled by a nurse he commented on the wonderful care. They both laughed when..
Consider to be critical to quality management : Variance, or variation in the way we present a product is one of our greatest hurdles in quality management. Just consider. If you have a favourite pizza shop, and one time you get a bad one, are you finished doing business with them? The "bad" one m..
Selling products to end consumer for purpose of consumption : The activities related to selling products to the end consumer for the purpose of consumption or resale:

Reviews

Write a Review

Basic Statistics Questions & Answers

  Where the manufacturer set the inventory level

The manufacturer would like to establish inventory levels such that there is only a five percent chance of running out of stock. Where should the manufacturer set the inventory level?

  Population standardx deviation of mice per hour

An average computer mouse inspector can inspect 60 mice per hour with a population standardx deviation of 10 mice per hour. The 48 computer mice inspectors at a particular factory can only inspect 55 mice per hour. Does the company have reaseon to..

  Standard errors of sampling distribution

Computing the mean and standard errors of sampling distribution - Using the central limit theorem, find the means and standard errors of sampling distributions

  If a second sample of 150 employees is selected what is the

among a random sample of 150 employees of a particular company the mean commute distance is 25.5 miles. this mean lies

  The mean and the standard deviation of the sample of 100

the mean and the standard deviation of the sample of 100 bank customer waiting times in table 1.8 are xbar5.49 and

  Use the reported numbers as the population proportions and

1 the cincinnati enquirer reported that in the united states 66 of adults and 87 of youths ages 12 to 17 use the

  Paragraph about the normal distribution

Write down a paragraph about the normal distribution. In the paragraph give an example of a distribution that you would judge to be nearly normal and explain why you have made that conclusion.

  Determining the probability of mean annual snowfall

Determine the probability that mean annual snowfall during 40 randomly picked years will exceed 111.8 inches?

  An exit poll of 1000 randomly selected voters found that

an exit poll of 1000 randomly selected voters found that 515 favored candidate a. is the race too close to call? answer

  Consider a simple card game where there are four cards

consider a simple card game where there are four cards labeled 1 2 3 and 4. each round my friend first draws a card

  Estimate the fraction of employees

If the weekly salaries are normally distributed, estimate the fraction of employees that make more than $300 per week.

  Let s be the event that a randomly chosen male age 18-24 is

let s be the event that a randomly chosen male age 18-24 is republican. let c be the event that a randomly chosen male

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd