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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.

    (Round your answers to 3 decimal places)

    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.

    (Round your answers to 3 decimal places)

    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.

    Answer and Explanation:

    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.

    (Round your answers to 3 decimal places.)

    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.

    (Round your answer to 3 decimal places.)

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

    Expert Answer

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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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