Introduction to Business Statistics
7th Edition
ISBN: 9781111792374
Author: WEIERS
Publisher: Cengage Learning
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Question
Chapter 18.3, Problem 18.13E
a)
To determine
To construct: The time series plot. Also, check if the trend of the data is upward or down
b)
To determine
To construct: The 3-month and 5-month moving average curves and impose them on the time series plot constructed in above part
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John Kittle, an independent insurance agent, uses a five-year moving average to forecast the number of claims made in a single year for one of the large insurance companies he sells for. He has just discovered that a clerk in his employ incorrectly entered the number of claims made four years ago as 1,400 when it should have been 1,200.a. What adjustment should Mr. Kittle make in next year’s forecast to take into account the corrected value of the number of claims four years ago?b. Suppose that Mr. Kittle used simple exponential smoothing with a = .2instead of moving averages to determine his forecast. What adjustment is now required in next year’s forecast? (Note that you do not need to know the value of the forecast for next year in order to solve this problem.)
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Chapter 18 Solutions
Introduction to Business Statistics
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