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# a police station had to deploy a police officer for an emergency multiple times in the last four evenings. the table below shows the number of emergencies each evening.

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## A police station had to deploy a police officer for an emergency multiple times in the last four evenings. The table below shows the number of emergencies each evening.

Answer to: A police station had to deploy a police officer for an emergency multiple times in the last four evenings. The table below shows the...

Forecasting

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## Question:

A police station had to deploy a police officer for an emergency multiple times in the last four evenings. The table below shows the number of emergencies each evening.

Weekday Number of calls each day Forecast for tomorrow

(calls) 10 Monday 5 Tuesday 6 Wednesday 7 Thursday 9

a. Complete the "Forecast for tomorrow" column in the table above. Use an exponential smoothing forecasting approach, with a = 0.3 and a forecast for Monday of 10.

b. What would be their forecast for Friday using the same exponential smoothing forecasting approach?

## Forecasting:

Forecasting is planning about the future; in this, the management tries to estimate the future cost and revenues by analyzing the historical data and information. Forecasting helps in the formation of project budgets.

a. Calculation of forecast for tomorrow

Using exponential smoothing, the formula is

Current forecast = Previous forecast+ (Alpha *(Previous actual- previous forecast))

Weekday Number of calls Forecast for Tomorrow

Monday 5 10

Tuesday 6 10+(0.3*(5-10)) = 8.5

Wednesday 7 8.5+(0.3*(6-8.5)) = 7.75

Thursday 9 7.75+(0.3*(7-7.75)) =7.525

b. Forecast for Friday

Weekday Forecast for Tomorrow

Friday 7.525+(0.3*(9-7.525)) = 7.9675

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Forecasting: Strategic Role, Components & Types

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Chapter 15 / Lesson 1

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Forecasting in business involves making assumptions about future events and planning for the results. Explore the strategic role, components, and types of forecasting including qualitative and quantitative forecasts.

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## Question: A Police Station Had To Deploy A Police Officer For An Emergency Multiple Times In The Last Four Evenings. The Table Below Shows The Number Of Emergencies

A police station had to deploy a police officer for an emergency multiple times in the last four evenings. The table below shows the number of emergencies each evening.

Weekday Number of calls each day Forecast for tomorrow (calls)

10 Monday 7 Tuesday 3 Wednesday 9 Thursday 9

a. Complete the "Forecast for tomorrow" column in the table above. Use an exponential smoothing forecasting approach, with α=0.1 and a forecast for Monday of 10.

b. What would be their forecast for Friday using the same exponential smoothing forecasting approach?

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Solution for A police station had to deploy a police officer for an emergency multiple times in the last four evenings. The table below shows the number of…

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Transcribed Image Text:A police station had to deploy a police officer for an emergency multiple times in the last four evenings. The table below shows the number of emergencies each evening. (Round your answers to 3 decimal places.) Forecast for tomorrow Weekday Number of calls each day (calls) 10 Monday Tuesday Wednesday 7 Thursday 9. Complete the "Forecast for tomorrow" column in the table above. Use an exponential smoothing а. forecasting approach, with a=0.3 and a forecast for Monday of 10. (Round your answer to 3 decimal places.) What would be their forecast for Friday using the same exponential smoothing b. forecasting approach?

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