Two methods are used to predict how many customers will call in for help in the next four days. The first method predicts thenumbers of callers to be 49, 42, 46, and 50 for the four respective days. The second method predicts 48, 43, 47, and 49 for thefour respective days. The actual numbers of callers turn out to be 50, 40, 45, and 48. Which method has the smaller meanabsolute error (MAE)?O Both methods have the same MAEThe second method.The first methodO Cannot be determined

Here, I have been given the actual data along with the forecasted data using two methods, I…

Answered: Two methods are used to predict how…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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Two methods are used to predict how many customers will call in for help in the next four days. The first method predicts the numbers of callers to be 23, 5, 14, and 20 for the four respective days. The second method predicts 20, 13, 14, and 20 for the four respective days. The actual numbers of callers turn out to be 23, 10, 15, and 19. Which method has the smaller mean absolute error (MAE)? Multiple Choice The first method The second method Cannot be determined Both methods have the same MAE
A manager is simulating the number of times a machine operator stops a machine to make adjustments. After careful study the manager found that the number of stops ranged from one to five per cycle and that each number of stops was equally likely. Using the random numbers 0.77 and 0.62 (in that order), determine how many stops for adjustments each of the next two cycles will have. The first cycle will have stops and the second cycle will have stops.
The manager of a call center recorded the volume of calls received between 9 and 10 a.m. for 21 days and wants to obtain a seasonal index for each day for that hour. Day Volume Day Volume Day Volume Tues 67 Tues 60 Tues 64 Wed 75 Wed 73 Wed 76 Thurs 82 Thurs 85 Thurs 87Fri 98 Fri 99 Fri 96 Sat 90 Sat 86 Sat 88 Sun 36 Sun 40 Sun 44 Mon 55 Mon 52 Mon 50?
1.The reported unemployment is 5.5% of the population. What measurement scale is used to measure unemployment? Interval Nominal Ordinal Ratio 2.Which one of the following is NOT an example of discrete data? Number of employees reporting in sick Number of households watching the Home Shopping Network Number of miles between New York City and Chicago Number of members of the Denver Lions Club
Attendance at Orlando's newest Disneylike attraction, Lego World, has been as follows: Quarter Guests (in thousands) Quarter Guests (in thousands) Winter Year 1 63 Summer Year 2 120 Spring Year 1 99 Fall Year 2 54 Summer Year 1 149 Winter Year 3 94 Fall Year 1 75 Spring Year 3 151 Winter Year 2 64 Summer Year 3 210 Spring Year 2 83 Fall Year 3 99 Part 2 Based on the given attendance, the seasonal indices for each of the seasons are (round your responses to three decimal places): Season Index Winter enter your response here
Kathleen McFadden's restaurant in Boston has recorded the following data for eight recent customers: a) McFadden wants you to graph the eight points (x;, y1), i = I, J 2, ... 8. She has been concerned because customers have been waiting too long for their food, and this graph is intended to help her find possible causes of the problem.b) This is an example of what type of graph?
Attendance at Orlando's newest Disneylike attraction, Lego World, has been as follows: Quarter Winter Year 1 Spring Year 1 Summer Year 11 Fall Year 1 Guests (in thousands) 68 99 149 75 65 84 Quarter Summer Year 2 Fall Year 2 Winter Winter Year 3 Spring Year 3 Summer Year 3 Fall Year 3 Guests (in thousands) 120 51 99 151 Winter Year 2 207 Spring Year 2 97 Based on the given attendance, the seasonal indices for each of the seasons are (round your responses to three decimal places): Season Index
Attendance at Orlando's newest Disneylike attraction, Lego World, has been as follows: Guests Guests Quarter Quarter (in thousands) (in thousands) Summer Year 2 Winter Year 1 Spring Year 1 Summer Year 1 58 120 104 Fall Year 2 54 149 75 Winter Year 3 99 Spring Year 3 Summer Year 3 Fall Year 3 Fall Year 1 151 Winter Year 2 65 210 Spring Year 2 84 98 Based on the given attendance, the seasonal indices for each of the seasons are (round your responses to three decimal places): Season Index Winter Spring Summer Fall
The owner of an automobile repair shop studied the waiting times for customers who arrive at the shop for an oil change. The following data with waiting times in minutes were collected over a one-month period. 2 5 22 6 5 0-4 5-9 10-14 (a) Develop a frequency distribution using classes of 0-4, 5-9, 10-14, 15-19, and 20-24. Class 15-19 20-24 Total 5 6 7 15 21 0-4 5-9 10-14 15-19 20-24 Class Total 0-4 5-9 10-14 Class 15-19 0-4 20-24 5-9 (b) Develop a relative frequency distribution using the classes in part (a). If required, round your answers to two decimal places. Relative Frequency 11 4 9 6 Class 16 10-14 15-19 12 21 8 20-24 9 10 Frequency 2 % 10 3 2 3 20 .1 .50 (c) Develop a cumulative frequency distribution using the classes in part (a) .15 .1 .15 1 M ✔ ✔ ✔ S (d) Develop a cumulative relative frequency distribution using the classes in part (a). If required, round your answers to two decimal places. 10 ✔ ✓ ✔ ✔ ✔ Cumulative Frequency Cumulative Relative Frequency X X (e) What…
4 A manager is simulating the number of times a machine operator stops a machine to make adjustments. After careful study the manager found that the number of stops ranged from one to five per cycle and that each number of stops was equally likely. Using the random numbers 0.11 and 0.50 (in that order), determine how many stops for adjustments each of the next two cycles will have. The first cycle will have stops and the second cycle will have stops. Mc Graw Hill < Prev 4 of 5 ASUS
YEAR 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 ARRIVAL ('000) 35.5 28 30.3 36 49.5 56 72.4 71 79.3 96 DELAYED RATE 4.2 3.8 3.8 3.5 4.6 4.5 4.6 4.6 4.7 4.5 A marketing analyst for Rockstar Travel Company. He wants to analyze the trend of international tourist arrival in KL by using international tourist arrival rate and flight delayed rate over the past 10 years. Propose ONE (1) forecasting model that can be used by Alvin. Why would you proposed that particular model? Develop the forecasting model that you suggest in (i). Briefly explain your model.
Which describes the random component of a time series? a. Climatic condition b. Recurring and periodic, possessing a regular period or variation in a time series c. Wars, strikes, and other highly unpredictable events d. Man‑made conventions causing short‑run upward and downward patterns in activities such as sales e. The long‑run general movement in a time series (e.g. sales)

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