Question
Please help me understand the step by step of the below questions. My work for Question 3a and 3b are reflected in the excel tables
Please help me understand the step by step of the below questions. My work for Question 3a and 3b are reflected in the excel tables below.
3c) Calculate the Mean absolute deviation value of the Exponential Smoothing model (Question 3a) and the Average Estimation Error of the Linear Regression model (Question 3b). Explain the difference between these two values. Mean absolute deviation of Exponential Smoothing model, alpha=0.5: ______________________Average Estimation Error for Causal Forecasting model based on headcount: __________________Explanation of the difference in values:
3d) Considering your answers to Questions 3a, 3b and 3c and all the factors that have been described above, prepare your best forecast for July 2015. Show your forecast value below and explain and justify how you came up with this forecast. Finally, provide your recommendations to Mark on how to modify forecasting process and improve its accuracy.Call Volume Forecast for July 2015 (My forecast): _________________Explanation and Justification of Your Method:Your Recommendations:
Call Volume Forecast for July 2015 (Exponential Smoothing, alpha=0.5): 31859
Ft=aAt-1+(1-a) Ft-1 Actual Employee Call vol Head Formula Data Analysis tool Year Month 24,000 Count Notes Forecast (a = 0.5) 0.5 2014 Jan 24,015 62, 120 24000 #N/A 2014 Feb 25,203 62, 152 24,008 24,000 2014 Mar 23,589 62, 138 24,605 24007.5 2014 Apr 27,454 68,343 Centex corporation acquired 4/1/2014 24,097 24605.25 2014 May 28,120 68, 120 25,776 24097.13 2014 Jun 28,321 67,987 Dental insurance plan changed effective 7/1/2014 26,948 25775.56 2014 Jul 29,021 67,956 27,634 26947.78 2014 Aug 26,954 65,342 Printer division sold to Arconet Corporation 8/1/2014 28,328 27634.39 2014 Sep 26,456 65,380 27,641 28327.7 2014 Oct 27,120 65,432 Major tax law changes signed into law by U.S. President 27,048 27640.85 2014 Nov 26,954 65,423 27,084 27048.42 2014 Dec 27,321 65,650 Year-end bonuses announced on 12/10/2014 27,019 27084.21 2015 Jan 26,456 65,620 27,170 27019.11 2015 Feb 27,450 65,610 26,813 27170.05 2015 Mar 31,435 75,231 Paxton Enterprises acquired 3/15/2015 27,132 26813.03 2015 Apr 33, 124 75,201 29,283 27131.51 2015 May 32,432 74,978 31,204 29283.26 2015 Jun 31,901 75,012 New employee insurance deductions in effect starting 7/1/20 31,818 31203.63 2015 Jul 31,859 31817.81 31859.41Ft=aAt-1+(1-a) Ft-1 SUMMARY OUTPUT Actual Employee Call Head Regression Statistics Month volume Count Notes Multiple R 0.973375551 Jan 24,015 62, 120 R Square 0.947459963 Feb 25,203 62, 152 Adjusted R S 0.94417621 Mar 23,589 62, 138 Standard Erro 643.24177 Apr 27,454 68,343 Centex corporation acquired 4/1/2014 Observations 18 May 28, 120 68, 120 Jun 28,321 67,987 Dental insurance plan changed effective 7/1/2014 ANOVA Jul 29,021 67,956 df SS MS F gnificance F Aug 26,954 65,342 Printer division sold to Arconet Corporation 8/1/2014 Regression 1 119382026.8 1.19E+08 288.5297 1.17E-11 Sep 26,456 65,380 Residual 16 6620159.595 413760 Oct 27, 120 65,432 Major tax law changes signed into law by U.S. President Total 17 126002186.4 Nov 26,954 65,423 Dec 27,321 65,650 Year-end bonuses announced on 12/10/2014 Coefficients Standard Error t Stat P-value Lower 95%Upper 95%ower 95.09 pper 95.0 Jan 26,456 65,620 Intercept 11710.0159 2340.497776 -5.00322 0.00013 -16671.6 - -6748.38 -16671.6 -6748.38 Feb 27,450 65,610 X Variable 1 0.586441011 0.034524635 16.98616 1.17E-11 0.513252 0.65963 0.513252 0.6596 Mar 31,435 75,231 Paxton Enterprises acquired 3/15/2015 Apr 33, 124 75,201 May 32,432 74,978 slope 0.586441011 Jun 31,901 75,012 New employee insurance deductions in effect starting 7/1/2015 intercept -11710.0159 Jul 35,205.26 80,000 y 35,205.26Step by Step Solution
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