Fill the following blanks with appropriate abbreviations supplied: ________ =mean absolute percentage error, ________ = fixed cost, _______ = slope, _______ = correlation coefficient, _______ = smoothing constant, ________ = intercept, _________ = trend smoothing constant,
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Fill the following blanks with appropriate abbreviations supplied:
- ________ =mean absolute percentage error,
- ________ = fixed cost,
- _______ = slope,
- _______ = correlation coefficient,
- _______ = smoothing constant,
- ________ = intercept,
- _________ = trend smoothing constant,
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- The Baker Company wants to develop a budget to predict how overhead costs vary with activity levels. Management is trying to decide whether direct labor hours (DLH) or units produced is the better measure of activity for the firm. Monthly data for the preceding 24 months appear in the file P13_40.xlsx. Use regression analysis to determine which measure, DLH or Units (or both), should be used for the budget. How would the regression equation be used to obtain the budget for the firms overhead costs?At the beginning of each week, a machine is in one of four conditions: 1 = excellent; 2 = good; 3 = average; 4 = bad. The weekly revenue earned by a machine in state 1, 2, 3, or 4 is 100, 90, 50, or 10, respectively. After observing the condition of the machine at the beginning of the week, the company has the option, for a cost of 200, of instantaneously replacing the machine with an excellent machine. The quality of the machine deteriorates over time, as shown in the file P10 41.xlsx. Four maintenance policies are under consideration: Policy 1: Never replace a machine. Policy 2: Immediately replace a bad machine. Policy 3: Immediately replace a bad or average machine. Policy 4: Immediately replace a bad, average, or good machine. Simulate each of these policies for 50 weeks (using at least 250 iterations each) to determine the policy that maximizes expected weekly profit. Assume that the machine at the beginning of week 1 is excellent.Only a portion of the following table for exponential smoothing has been completed. Complete the missing entries using α = .1.
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- Prior to conducting double exponential smoothing a simple linear regression is conducted and the trend equation is Y=42+38.3t, so the smoothed constant process value should be C0=38.3 and the smoothed trend value should be T0=42.? TRUE OR FALSE?6. List and explain in detail why we include disturbance term or error term in the model?Chart and Regression analysis : What does the intercept predict? X: C16 (number of cars on the sales lot) versus Y: C17 (cars sold per day) Equation: y=2.9x + 14.5 Slope:2.9 Intercept:14.5 Does the intercept mean the intercept is 14.5 means that the cars sold per day( Y) predicted number of cars on sale lot(X) to be 14.5, but this intercept has no meaning. So, I will not use to predict cars sold per day?
- Mr. Ferdinand is a well known entrepreneur who sells fresh organic beef to persons in the localcommunity. Customers love the quality of meet that Mr. Ferdinand sells so they tend torecommend his product to other persons. Recently, Mr. Ferdinand has been running out of beefto sell to his customers. One customer suggests to him that he must use past sales records toforecast demand for his beef so that he can meet his customers demand.I. Using a numerical example, demonstrate to Mr. Ferdinand how he can use a threeweek and a four-week weighted moving average to forecast demand for his beef.II. Show how Mr. Ferdinand can test the accuracy of his forecast. III. Explain to Mr. Ferdinand two ways in which he can benefit from doing forecast forhis beef.Suppose that a new grocery store chain would want to know more about its inventories. Specifically, store management would like to determine which inventory items sell more than others, which inventory items require more floor space to place and display, and inventory arrival times from suppliers. What are some statistical measures that the company could use in their analysis? Be sure to provide at least 3 statistical measures that could be used, such as stem-and-leaf plots, histograms, standard deviation, mean, etc. Are there any other inventory concerns that the company may want to consider? Remember that this is a generic grocery store (and a new one at that), so there may be some things they have not yet considered.Mr. Ferdinand is a well known entrepreneur who sells fresh organic beef to persons in the local community. Customers love the quality of meet that Mr. Ferdinand sells so they tend to recommend his product to other persons. Recently, Mr. Ferdinand has been running out of beef to sell to his customers. One customer suggests to him that he must use past sales records to forecast demand for his beef so that he can meet his customers demand. Using a numerical example, demonstrate to Mr. Ferdinand how he can use a three week and a four-week weighted moving average to forecast demand for his beef. Show how Mr. Ferdinand can test the accuracy of his forecast. Explain to Mr. Ferdinand two ways in which he can benefit from doing forecast for his beef.
