Basic Business Statistics, Student Value Edition
Basic Business Statistics, Student Value Edition
14th Edition
ISBN: 9780134685113
Author: Mark L. Berenson, David M. Levine, David F. Stephan, Kathryn Szabat
Publisher: PEARSON
bartleby

Concept explainers

bartleby

Videos

Textbook Question
Chapter 16, Problem 1PS

If you are using exponential smoothing for forecasting an annual time series of revenues, what is your forecast for next year if the smoothed value for this year is $ 32.4 million?

Expert Solution & Answer
Check Mark
To determine

State the forecasted value for the next year.

Answer to Problem 1PS

The forecasted value for the next year is 32.4 million dollar.

Explanation of Solution

Exponentially smoothing is a weighted average cost of all the previous time periods. Therefore, the smoothed value in the current time period works as the forecast of the value in the following year.

Here Ei=32.4 . Therefore, the forecasted value Y^i+1 for the next year is given below:

Y^i+1=Ei=32.4

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!

Chapter 16 Solutions

Basic Business Statistics, Student Value Edition

Ch. 16 - The linear trend forecasting equation for an...Ch. 16 - There has been much publicity about bounces paid...Ch. 16 - Prob. 13PSCh. 16 - Prob. 14PSCh. 16 - Prob. 15PSCh. 16 - The data shown in the following table and stored...Ch. 16 - Prob. 17PSCh. 16 - Prob. 18PSCh. 16 - Prob. 19PSCh. 16 - Prob. 20PSCh. 16 - Prob. 21PSCh. 16 - Prob. 22PSCh. 16 - You are given an annual time series with 40...Ch. 16 - Prob. 24PSCh. 16 - Prob. 25PSCh. 16 - Prob. 26PSCh. 16 - Prob. 27PSCh. 16 - Prob. 28PSCh. 16 - Prob. 29PSCh. 16 - Using the average baseball salary from 200 through...Ch. 16 - Using the yearly amount of solar power generated...Ch. 16 - The following residuals are from a linear trend...Ch. 16 - Prob. 33PSCh. 16 - Prob. 34PSCh. 16 - Prob. 35PSCh. 16 - Prob. 36PSCh. 16 - Prob. 37PSCh. 16 - Prob. 38PSCh. 16 - Prob. 39PSCh. 16 - Prob. 40PSCh. 16 - In forecasting daily time-series data, how many...Ch. 16 - In forecasting a quarterly time series over the...Ch. 16 - Prob. 43PSCh. 16 - Prob. 44PSCh. 16 - Are gasoline prices higher during the height of...Ch. 16 - Prob. 46PSCh. 16 - Prob. 47PSCh. 16 - The file Silver-Q contains the price in London for...Ch. 16 - Prob. 49PSCh. 16 - What is a time series?Ch. 16 - What are the different components of a time-series...Ch. 16 - What is the difference between moving average and...Ch. 16 - Prob. 53PSCh. 16 - How does the least-squares linear trend...Ch. 16 - How does autoregressive modelling differ from the...Ch. 16 - What are the different approaches to choosing an...Ch. 16 - What is the major difference between using SYX and...Ch. 16 - How does forecasting for monthly or quarterly data...Ch. 16 - Prob. 60PSCh. 16 - The monthly commercial and residential prices for...Ch. 16 - The data stored in McDonalds represent the gross...Ch. 16 - Teachers’ Retirement System of the City of New...Ch. 16 - Prob. 64PS
Knowledge Booster
Statistics
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, statistics and related others by exploring similar questions and additional content below.
Recommended textbooks for you
  • College Algebra
    Algebra
    ISBN:9781938168383
    Author:Jay Abramson
    Publisher:OpenStax
    Algebra & Trigonometry with Analytic Geometry
    Algebra
    ISBN:9781133382119
    Author:Swokowski
    Publisher:Cengage
    Trigonometry (MindTap Course List)
    Trigonometry
    ISBN:9781337278461
    Author:Ron Larson
    Publisher:Cengage Learning
  • College Algebra
    Algebra
    ISBN:9781337282291
    Author:Ron Larson
    Publisher:Cengage Learning
    Glencoe Algebra 1, Student Edition, 9780079039897...
    Algebra
    ISBN:9780079039897
    Author:Carter
    Publisher:McGraw Hill
    College Algebra (MindTap Course List)
    Algebra
    ISBN:9781305652231
    Author:R. David Gustafson, Jeff Hughes
    Publisher:Cengage Learning
  • College Algebra
    Algebra
    ISBN:9781938168383
    Author:Jay Abramson
    Publisher:OpenStax
    Algebra & Trigonometry with Analytic Geometry
    Algebra
    ISBN:9781133382119
    Author:Swokowski
    Publisher:Cengage
    Trigonometry (MindTap Course List)
    Trigonometry
    ISBN:9781337278461
    Author:Ron Larson
    Publisher:Cengage Learning
    College Algebra
    Algebra
    ISBN:9781337282291
    Author:Ron Larson
    Publisher:Cengage Learning
    Glencoe Algebra 1, Student Edition, 9780079039897...
    Algebra
    ISBN:9780079039897
    Author:Carter
    Publisher:McGraw Hill
    College Algebra (MindTap Course List)
    Algebra
    ISBN:9781305652231
    Author:R. David Gustafson, Jeff Hughes
    Publisher:Cengage Learning
    Sequences and Series Introduction; Author: Mario's Math Tutoring;https://www.youtube.com/watch?v=m5Yn4BdpOV0;License: Standard YouTube License, CC-BY
    Introduction to sequences; Author: Dr. Trefor Bazett;https://www.youtube.com/watch?v=VG9ft4_dK24;License: Standard YouTube License, CC-BY