Law firm needs to plan staffing levels for legal interns
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The secretary for a law firm needs to plan staffing levels for legal interns for the next few semesters. She wants to use two years of historical lawsuit data to forecast the number of lawsuits likely to be received by the firm in the next month. She is considering four forecasting methods: a simple moving average, a weighted average, exponential smoothing, and linear regression. Use the data below to forecast months 4 through 24 and determine which method is most accurate (based on the lowest mean absolute deviation).
Month #of lawsuits Month #of lawsuits Month #of lawsuits
1 16 9 51 17 63
2 25 10 56 18 57
3 16 11 67 19 48
4 24 12 45 20 55
5 38 13 53 21 61
6 46 14 61 22 51
7 54 15 55 23 56
8 52 16 59 24 53
Using .65 for the weight of the most recent month, .25 for the second most recent month , and .10 for the third most recent month, develop a forecast for months 4 through 24 and use this data to calculate the MAD.
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Law firms needs to plan staffing levels for legal interns are examined.
Education
- BE, Bangalore University, India
- MS, University of Wisconsin-Madison
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