Please do not give solution in image format thanku Income at the law firm of Smith and Jones for the period February to July was as follows:February75.0MonthIncome (in $ thousand)March71.5April66.4May72.3June73.5July74.0Assume that the initial forecast for February is $70,000 and the initial trend adjustment is 0. The smoothing constants selected are α=0.2 and ß=0.2. Usingtrend-adjusted exponential smoothing, the forecast for the law firm's August income = thousand dollars (round your response to two decimal places).The mean squared error (MSE) for the forecast developed using trend-adjusted exponential smoothing = (thousand dollars)² (round your response to two decimaplaces).

1. Calculate the forecast for February using the initial forecast and trend adjustment of 0:Forecast…

Answered: Income at the law firm of Smith and…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter13: Regression And Forecasting Models

Section13.3: Simple Regression Models

Problem 9P

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