The Accuweather Corporation manufactures barometers and thermometers for weather forecasters. In an attempt to forecast its future needs for mercury, Accuweather's chief economist estimated average monthly mercury needs as: N = 500 + 10X where N = monthly mercury needs (units) and X = time period in months (January 2008= 0). The following monthly seasonal adjustment factors have been estimated using data from the past five years: Month January April July September December Adjustment Factor 15% 10% -20% 5% -10% (a) Forecast Accuweather's mercury needs for January, April, July, September, and December of 2010. (b) The following actual and forecast values of mercury needs in the month of November have been recorded: Year 2008 2009 2007 Actual 456 324 240 Forecast 480 360 240
The Accuweather Corporation manufactures barometers and thermometers for weather forecasters. In an attempt to forecast its future needs for mercury, Accuweather's chief economist estimated average monthly mercury needs as: N = 500 + 10X where N = monthly mercury needs (units) and X = time period in months (January 2008= 0). The following monthly seasonal adjustment factors have been estimated using data from the past five years: Month January April July September December Adjustment Factor 15% 10% -20% 5% -10% (a) Forecast Accuweather's mercury needs for January, April, July, September, and December of 2010. (b) The following actual and forecast values of mercury needs in the month of November have been recorded: Year 2008 2009 2007 Actual 456 324 240 Forecast 480 360 240
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 8P: The management of a technology company is trying to determine the variable that best explains the...
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