Discuss the below:
Q: Income at the architectural firm Spraggins and Yunes for the period February to July was as follows:
|
Month
|
February
|
March
|
April
|
May
|
June
|
July
|
|
Income? ($000's)
|
90.0
|
91.5
|
96.0
|
85.4
|
92.2
|
96.0
|
Assume that the initial forecast for February is 85.0 ?(in $ thousands) and the initial trend adjustment is 0. The smoothing constants selected are a= 0.2 and beta ß = 0.3. Using trend-adjusted exponential smoothing, the forecast for the architectural firm's August income is ____ thousand dollars