For the following data use the weighting constant x = 0.5 and exponential smoothing to determine the forecast for 2005.
Year (millions) Year (Millions)
1993 16.0 1999 86.0
1994 24.1 2000 109.5
1995 33.8 2001 128.4
1996 44. 2002 140.8
1997 55.3 2003 158.7
1998 69.2 2004 182.1
2. In general how will the upper and lower control limits change if a 2-sigma control chart? Why is it a good idea to use both of them in monitoring the same process?© BrainMass Inc. brainmass.com October 16, 2018, 10:28 pm ad1c9bdddf
1. The forecast for 2005 is 162.01 Millions
(*Please see the Excel and Word file for the calculation and formula*)
2. If a 2-sigma control chart is used instead of a 3-sigma control chart, the upper and lower control limits come closer to the center value or the process ...
The solution contains one problem related to the forecasting using exponential smoothing technique and one problem in the area of control charts.
Various statistical problems
Please complete the following 5 questions in a Microsoft Word file:
1. When is it appropriate to use a time series approach to a business setting? When can it be applied to project management?
2. What are examples where control charts are used in your workplace to monitor quality control? What are the goals and objectives of this effort?
3. What is statistical quality control? How is the concept of statistical quality control used in continuous improvement? Discuss with examples
4. Discuss how you would model no trend, a linear trend and quadratic trend?
5. In general when is it appropriate to use exponential smoothing? Give examples.View Full Posting Details