Question

In: Operations Management

Following table shows the monthly sales of cars at a dealership: Month Number of cars Sold...

  1. Following table shows the monthly sales of cars at a dealership:

Month

Number of cars Sold

1

79

2

79

3

86

4

93

5

101

6

107

7

102

8

What is the Trend equation for the above data?

What is the expected sales for the 8th month based on the Trend method?

How much error is there in this forecasting method using MAD?

Solutions

Expert Solution

All the parts have been done as shown.

Note: In case of any doubt, please mention it in the comment section.


Related Solutions

The following table shows the number of cars sold last month by six dealers at Centreville...
The following table shows the number of cars sold last month by six dealers at Centreville Nissan dealership and their number of years of sales experience. Years of Experience Sales 1 7 2 9 2 9 4 8 5 14 8 14 A: Management would like to use simple regression analysis to estimate monthly car sales using the number of years of sales experience. Estimate and interpret the following: a) Regression Equation, b) Slope, c) y-intercept. B: what happens when...
The table below shows the number of cars sold last month by seven employees at Concord...
The table below shows the number of cars sold last month by seven employees at Concord Motors and their number of years of sales experience. Experience Sales 1 8 2 6 2 7 4 14 5 9 6 13 8 10 Analyze this data (what is correlation coefficient, slope for regression equation, y intercept for regression equation, standard error of estimate).
The table below shows the number of cars sold last month by seven employees at Concord...
The table below shows the number of cars sold last month by seven employees at Concord Motors and their number of years of sales experience. Experience Sales 1 8 2 6 2 7 4 14 5 9 6 13 8 10 Management would like to use simple regression analysis to estimate monthly car sales using the number of years of sales experience. The 95% confidence interval for the regression slope is ________. Group of answer choices a (-1.842, 3.158) b...
The table below shows the number of cars sold last month by seven employees at Concord...
The table below shows the number of cars sold last month by seven employees at Concord Motors and their number of years of sales experience. Experience Sales 1 8 2 6 2 7 4 14 5 9 6 13 8 10 Management would like to use simple regression analysis to estimate monthly car sales using the number of years of sales experience. The 95% confidence interval for the regression slope is ________. A. (-1.842, 3.158) B. (-0.481, 1.797) C. (0.058,...
The table below shows the number of cars (in millions) sold in the United States for...
The table below shows the number of cars (in millions) sold in the United States for various years and the percent of those cars manufactured by GM. Year Cars Sold (millions) Percent GM Year Cars Sold (millions) Percent GM 1950 6.0 50.2 1985 15.4 40.1 1955 7.8 50.4 1990 13.5 36.0 1960 7.3 44.0 1995 15.5 31.7 1965 10.3 49.9 2000 17.4 28.6 1970 10.1 39.5 2005 16.9 26.9 1975 10.8 43.1 2010 11.6 19.1 1980 11.5 44.0 2015 17.5...
The table below shows the number of hybrid cars sold (in thousands) in the US in...
The table below shows the number of hybrid cars sold (in thousands) in the US in the following years.                                                          * Source: Wikipedia Year Hybrid cars sold in US (in thousands) 2000 9.35 2002 36.04 2004 84.20 2007 352.27 2010 274.21 2014 452.15 Find an exponential regression equation for the data. Let x = 0 represent the year 2000. Round a to two decimal places, and round b to four decimal places. Describe what a and b tell you from your...
The table below shows the number of cars (in millions) sold in the United States for...
The table below shows the number of cars (in millions) sold in the United States for various years and the percent of those cars manufactured by GM. Year Cars Sold (millions) Percent GM Year Cars Sold (millions) Percent GM 1950 6.0 50.2 1985 15.4 40.1 1955 7.8 50.4 1990 13.5 36.0 1960 7.3 44.0 1995 15.5 31.7 1965 10.3 49.9 2000 17.4 28.6 1970 10.1 39.5 2005 16.9 26.9 1975 10.8 43.1 2010 11.6 19.1 1980 11.5 44.0 2015 17.5...
The number of Ford Trucks sold in a month at a particular dealership varies from month...
The number of Ford Trucks sold in a month at a particular dealership varies from month to month. Suppose the probability distribution below describes monthly truck sales at this dealership. x f(x) 8 0.20 10 0.35 14 0.25 20 0.20 a. What is the Expected Value of monthly sales? b. Calculate the variance and standard deviation of monthly sales. c. Suppose this dealership makes $1500 profit on each truck sold. What is the expected monthly profit on sales of Ford...
The table below shows monthly beer sales at Gordon’s Liquor Store in 2017. Month Sales Jan...
The table below shows monthly beer sales at Gordon’s Liquor Store in 2017. Month Sales Jan 900 Feb 725 Mar 1000 Apr 800 May 750 Jun 1200 Jul 1000 Aug 1100 Sep 1250 Oct 1050 Nov 1400 Dec 1600 Jan Forecast beer sales needed for January 2018 using an exponential smoothing method α = 0.2, α = 0.4 and α = 0.9 Plot the data and identify the method to forecast the beer sales
2. Table below shows monthly beer sales at Gordon’s Liquor Store in 2017. Month Sales Jan...
2. Table below shows monthly beer sales at Gordon’s Liquor Store in 2017. Month Sales Jan 900 Feb 725 Mar 1000 Apr 800 May 750 Jun 1200 Jul 1000 Aug 1100 Sep 1250 Oct 1050 Nov 1400 Dec 1600 Jan a) Forecast beer sales needed for January 2018 using an exponential smoothing method α = 0.2, α = 0.4 and α = 0.9 b) Compute an adjusted exponential smoothing for the data using: α = 0.3 and β = 0.5,...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT