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The Park family would like to prepare next month's family budget by forecasting its family expenses. The following data show the amount of money spent on food for the last 10 months. Complete parts a through d below. Month Dollars 1 343 2 357 3 294 The best choice is the a) Forecast the family's food expenditures next month using a three-period simple moving average. The forecast for the family's food expenditures next month is $ (Round to the nearest dollar as needed.) b) The forecast for the family's food expenditures next month is $ (Round to the nearest dollar as needed.) d) Which forecast should you choose? Why? 4 336 The forecast for the family's food expenditures next month is $ (Round to the nearest dollar as needed.) c) Forecast the family's food expenditures next month using exponential smoothing with a = 0.1. 5 361 because it has the 6 339 Forecast the family's food expenditures next month using a three-period weighted moving average with weights 0.7, 0.2, and 0.1, applying 0.7 to the most recent data and 0.1 to the oldest data. 7 322 mean average deviation (MAD). 8 319 9 370 10 350 D

The Park family would like to prepare next month's family budget by forecasting its family expenses. The following data show the amount of money spent on food for the last 10 months. Complete parts a through d below. Month Dollars 1 343 2 357 3 294 The best choice is the a) Forecast the family's food expenditures next month using a three-period simple moving average. The forecast for the family's food expenditures next month is $ (Round to the nearest dollar as needed.) b) The forecast for the family's food expenditures next month is $ (Round to the nearest dollar as needed.) d) Which forecast should you choose? Why? 4 336 The forecast for the family's food expenditures next month is $ (Round to the nearest dollar as needed.) c) Forecast the family's food expenditures next month using exponential smoothing with a = 0.1. 5 361 because it has the 6 339 Forecast the family's food expenditures next month using a three-period weighted moving average with weights 0.7, 0.2, and 0.1, applying 0.7 to the most recent data and 0.1 to the oldest data. 7 322 mean average deviation (MAD). 8 319 9 370 10 350 D

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter10: Statistics
Section10.2: Representing Data
Problem 22PFA
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The Park family would like to prepare next month's family budget by forecasting its family expenses. The following data show the amount of money spent on food for the last 10 months. Complete parts a through d below. Month Dollars 1 343 2 357 3 294 The best choice is the a) Forecast the family's food expenditures next month using a three-period simple moving average. The forecast for the family's food expenditures next month is $ (Round to the nearest dollar as needed.) b) The forecast for the family's food expenditures next month is $ (Round to the nearest dollar as needed.) d) Which forecast should you choose? Why? 4 336 The forecast for the family's food expenditures next month is $ (Round to the nearest dollar as needed.) c) Forecast the family's food expenditures next month using exponential smoothing with a = 0.1. 5 361 because it has the 6 339 Forecast the family's food expenditures next month using a three-period weighted moving average with weights 0.7, 0.2, and 0.1, applying 0.7 to the most recent data and 0.1 to the oldest data. 7 322 mean average deviation (MAD). 8 319 9 370 10 350 D
Transcribed Image Text:The Park family would like to prepare next month's family budget by forecasting its family expenses. The following data show the amount of money spent on food for the last 10 months. Complete parts a through d below. Month Dollars 1 343 2 357 3 294 The best choice is the a) Forecast the family's food expenditures next month using a three-period simple moving average. The forecast for the family's food expenditures next month is $ (Round to the nearest dollar as needed.) b) The forecast for the family's food expenditures next month is $ (Round to the nearest dollar as needed.) d) Which forecast should you choose? Why? 4 336 The forecast for the family's food expenditures next month is $ (Round to the nearest dollar as needed.) c) Forecast the family's food expenditures next month using exponential smoothing with a = 0.1. 5 361 because it has the 6 339 Forecast the family's food expenditures next month using a three-period weighted moving average with weights 0.7, 0.2, and 0.1, applying 0.7 to the most recent data and 0.1 to the oldest data. 7 322 mean average deviation (MAD). 8 319 9 370 10 350 D
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