Premium Essay

Chapter 5 & 6 Check Your Understanding

In:

Submitted By maryksmith60
Words 815
Pages 4
Chapter 5 and 6 Check Your Understanding
Chapter 5
1. The forecasting staff for the Prizer Corporation has developed a model to predict sales of its air-cushioned ride snowmobiles. The model specifies that sales S vary jointly with disposable income Y and the population between age 15 and 40, and inversely with the price of the snowmobiles P. Based on past data, the best estimate of this relationship is s=k yz/p
Where K has been estimated (with past data) to equal 100
A. If Y = $11,000, Z = $1,200 and P =$20,000 what value would you predict for S?
S = k(YZ)/P =100(11,000*1200)/20,000 = 66,000
B. What happens if P is reduced to $17,500?
S = 100(11,000 /1,200)/17,500=$75,429
C. How would you go about developing a value for K?
You would need the time series data on S, Y, Z and P. You would use the regression techniques to get an estimate K. The double log entry system would be used to get the intercept.
D. What are the potential weaknesses of this model?
Sales in the period t+1 are unknown before t+1 so estimates would have to be made for St, Yt, Zt and Pt.
5. A firm experienced the demand shown in the following table.
A. Fill in the table by preparing forecasts based on a five year moving average, a three year moving average and exponential smoothing (with a w = 0.9 and a w=0.3). Year Demand 5 year 3 year Ex Smoothing Ex Smoothing 0.9 0.3
2000 800 xxx xxx xx xx
2001 925 xxx xxx 800 800
2002 900 xxx xxx 912.50 837.50
2003 1025 xxx 875 901.25 856.25
2004 1150 xxx 950 1012.63 906.88
2005 1160 960 1025 1136.26 979.81
2006 1200 1032 1112 1157.63 1033.87
2007 1150 1087 1170 1195.76 1083.71
2008 1270 1137 1170 1154.58 1103.60
2009 1290 1186 1207 1258.46 1153.52
2010 1214 1237 1286.85 1194.46

Using the forecasts from 2005 through 2009 compare the accuracy of each of the forecasting methods based on RMSE criterion. = 134.1 would be the

Similar Documents

Premium Essay

Like

...Times/Locations Section 001 002 003 Time Tu/Th 8:30 – 9:50 a.m. Tu/Th 10:20 – 11:40 a.m. Tu/Th 12:40 – 2:00 p.m. Location 139 Akers Hall 139 Akers Hall 139 Akers Hall Required Course Materials  Required: Raabe et al., South-Western Federal Taxation: Essentials of Federal Taxation: Individuals and Business Entities, 2016 Edition ISBN 978-1-305-39530-5. The textbook is available in hardcover, loose leaf, and eBook formats. You should not use an older edition because of the extensive changes between editions.  Optional: CengageNOW access  Required: Additional readings posted on the course D2L website  Required: Calculator (non-programmable) The text and CengageNOW access may be purchased together at a reduced price through the following website: www.cengagebrain.com/course/1-1YA8S9K 1 Course Overview and Objectives This course provides a comprehensive introduction to the U.S. federal income tax system, with an emphasis on the taxation of business entities. During the course, students will:     Gain an understanding of the theory and “language” of taxation. Establish a broad understanding of the tax policy framework from which we can make informed decisions as voters. Identify tax policy issues suggested by or underlying particular provisions of the tax law. Analyze how taxation...

Words: 2938 - Pages: 12

Premium Essay

Health Law

...Fundamentals of Law for Health Informatics and Information Management Second Edition Check Your Understanding Chapter Answers CHAPTER 1 Check Your Understanding 1.1 1. A hybrid record is refers to record that is totally electronic. False 2. An electronic health record can be managed across more than one healthcare organization. True 3. Confidentiality refers to the right to be left alone. False 4. HITECH widens the scope of privacy and security protections under HIPAA. True 5. Privileged communication is a legal concept designed to protect the communication between two parties. True Check Your Understanding 1.2 1. Ownership of a health record generated by a doctor on a patient belongs to the patient. False 2. A custodian of records is responsible for certifying that a record is what it purports to be. True 3. When a patient refuses treatment he or she is exercising the ethical principle of beneficence. False 4. In a malpractice case, a professional code of ethics may be used as a benchmark for what should be acceptable practice by a healthcare professional. True 5. The ethical principle of nonmaleficence refers to making sure rules are fairly and consistently applied to all. False CHAPTER 2 Check Your Understanding 2.1 1. Private law defines rights and duties between individuals and the government. False 2. Statutes are enacted by legislative bodies. True 3. Administrative law is created by court...

Words: 6403 - Pages: 26

Premium Essay

Lwc1 Cos

...LWC1 - Fundamentals of Business Law and Ethics Course of Study Your competence will be assessed as you complete the LWC1 objective assessment for this course of study. This course of study may take up to 10 weeks to complete. Introduction Overview There are the two major subdomains of study within the Fundamentals of Business Law and Ethics Course of Study: business law and business ethics. The exam covers 11 business law and ethics concepts, including the following: contractual relationship government regulation of business dispute resolution labor and employment law hiring and employment practices warranties, negligence, and liabilities Sarbanes-Oxley Act ethical issues in business ethical leadership ethics programs use of company resources You likely have had some experience with the legal system, either through your own encounters or merely through listening to the nightly news, and you have probably read or heard about various ethical and legal issues causing financial upheaval in today's business world. This background will serve you well in this study. Now you can expand on that experience, and perhaps refine and enhance your own views on these issues. Once you complete this course of study, you will have demonstrated a level of competence that you can immediately use in your work setting and career. Outcomes and Evaluation There are 10 competencies covered by this course of study; they are listed in the "Competencies for Fundamentals of Business Law and Ethics...

Words: 8481 - Pages: 34

Premium Essay

Business

...OH: South-Western Cengage Learning. (Note: This is a textbook uniquely created for Strayer and can only be purchased via Strayer’s Virtual Bookstore, available through iCampus. The chapters within this custom textbook are the same as those from the national title, only rearranged in a different order.) Note: There are slides, audio chapter summaries, flashcards, workplace videos, and games located in the course shell to be used as additional resources to assist you in understanding the course material. Supplemental Resources Asare, S. K., & Wright, A. M. (2012). Investors’, auditors’, and lenders’ understanding of the message conveyed by the standard audit report on financial statements. Accounting Horizon, 26(2), 193-217. Aytaç, G., & Turan, O. Z. (2012). Issues of business ethics in domestic and international businesses: A critical study. International Journal of Business Administration, 3(5), 82-88. Bulu, I., Radojicic, M., & Nesic, Z. (2012). Some considerations on modern aspects of marketing promotion. Technics Technologies Education Management, 7(4), 1741-1750. Franks, R. A., & Spalding, A. D. (2013). Business ethics as an accreditation requirement: A knowledge mapping approach. Business Education & Accreditation, 5(1), 17-30. Pathak, A. (2012). Understanding Michael Porter: The Essential Guide to Competition and Strategy. Vikalpa: The...

Words: 3599 - Pages: 15

Free Essay

Accounting

...course in financial accounting provides a basic foundation for other courses in accounting as well as in business and information processing. The course will include lectures, discussions relative to text assignments and problems, in class quizzes, and will emphasize basic accounting theory and practices. Homework will be done on-line in WileyPlus. Some will be reviewed in class, primarily in student groups, so that students may check their work and questions can be discussed and answered. Objectives – 1. Develop a working vocabulary of accounting terminology. 2. Gain an understanding and ability to work with accounting principles including, but not limited to, debits and credits, journalizing, posting, adjusting and closing entries/procedures, financial statements, internal controls, and corporate accounting. 3. Gain an ability to analyze transactions, apply them to the accounting cycle, prepare a trial balance, and compile financial statements. 4. Develop an understanding of and exposure to ethical issues and responsibilities of accountants. 5. Provide the foundations for advanced work in accounting and business related subjects. Attendance,...

Words: 2434 - Pages: 10

Premium Essay

Syllabus

...Indiana University Kelley School of Business Indianapolis BUS A375 18265 Internal Auditing: Process Controls BUPA A575 18579 Internal Auditing and Corporate Governance Fall 2011 Meetings: 6:00- 8:40 W, August 24 – December 14, 2011, Room BS2007 Required Textbook: Internal Auditing: Assurance and Consulting Services 2nd Edition, Reding et al., © 2009, The IIA Research Foundation, ISBN-13: 978-0-89413-643-6. Optional Materials: Gleim CIA Review Manual, 14th edition, Part I and Part II. The CIA materials are available in the third floor computing lab. Instructor: James Reinhard, MS, CPA, CIA, CISA Adjunct Faculty Office: BS4032R Voice: (317) 753-9663 E-mail: jareinha@iupui.edu Office Hours: 5-5:45 the day of class, and by appointment COURSE OUTCOMES Overall Learning Outcome The overall learning Outcome is to obtain a fundamental knowledge and a sense of skills related to internal auditing. Specific Learning Outcomes After completion of this course, the student should achieve the following outcomes: * Given a business process, students will be able to perform the 3 steps of an audit process (planning, fieldwork and reporting) by applying the International Professional Practice Framework (IPPF), the International Standards for the Professional Practice of Internal Auditing (Standards) and guidance to the practice of internal auditing, and COSO framework. (PUL 1, 2 ;PBL 1, 3; MSA Goal 3, 4) * Students will...

Words: 2805 - Pages: 12

Premium Essay

Quantitative Analysis

... Study Guide To accompany the prescribed text: Quantitative Analysis for Management by Render, Stair and Hanna, 11th edition, Prentice Hall, 2012 Unit # 1: Overview and Introduction to Quantitative Analysis Prescribed Text: Quantitative Analysis for Management by Render, Stair and Hanna, 11th edition, Prentice Hall, 2012 – Chapter 1 Objectives of unit 1: After completing this unit, students should be able to: 1. Describe the quantitative analysis approach for management 2. Demonstrate an understanding by applications of quantitative analysis in real world situations 3. Demonstrate the use of modeling in quantitative analysis 4. Use computers and spreadsheet models to perform quantitative analysis 5. Understand the limitations of quantitative analysis 6. Demonstrate/perform break-even analysis. Scope of coverage: Concepts Development 1. Overview of quantitative analysis 2. Defining quantitative analysis 3. The approach to quantitative analysis 4. A quantitative analysis model 5. Using spreadsheet for quantitative analysis 6. Limitation of quantitative analysis Introduction Quantitative analysis for decision-making is the application of a scientific approach to solve management problems. The purpose is to help managers make better decisions. Quantitative analysis encompasses a number of mathematically oriented techniques that have either been developed within...

Words: 19689 - Pages: 79

Premium Essay

Acc 491 Entire Course

...ACC 491 Entire Course http://homeworkgallery.com/index.php/product/acc-491-entire-course/ http://homeworkgallery.com/index.php/product/acc-491-entire-course/ http://homeworkgallery.com/index.php/product/acc-491-entire-course/ ACC 491 Week 1 Individual Assignment Generally Accepted Auditing Standards Paper Write a 700- to 1,050-word paper in which you explain the nature and functions of auditing. Relate your explanation to the audit functions in your organization, or an organization with which you are familiar. In your paper, be sure to address the following:  Describe the elements of the Generally Accepted Auditing Standards (GAAS).  Describe how these standards apply to financial, operational, and compliance audits.  Explain the effect that the Sarbanes-Oxley Act of 2002, and the Public Company Accounting Oversight Board (PCAOB), will have on audits of publicly traded companies.  Discuss the additional requirements that are placed on auditors from this Act, and the actions of the PCAOB. ACC 491 Week 1 DQs Access the SEC home page at http://www.sec.gov. What is one of the most recent litigation brought by the SEC against a public firm or against an accounting firm? Read the abstract of the complaint and download the document filed with the court. Comment on the nature of the litigation. What is one the most recent Staff Accounting Bulletin that provides guidance to the profession? What was the...

Words: 1244 - Pages: 5

Free Essay

Paranoid Schizophrenia

...Jan 5, Bldg 4, (other emails checked only once daily ) 2PM Rm 103, 3PM Rm 205 (come to either) Extended Emergency Closure. “For emergency campus closings (natural disasters, etc.) call 352-291-4499 or 800-831-9244 or check our website www.cf.edu.” II. Course Description This course introduces the student to the study of behavior as a science, the design of experiments, statistical analysis of data, basic vocabulary, classical experiments, major contributors, and current trends in the discipline. Required Text: Feldman, R, Essentials of Understanding Psychology, 7th Edition or later. Extensive use of Supplemental materials: Internet resources III. Course Objectives At the successful completion of the course the student will be able to 1. Apply psychological concepts to everyday life 2. Demonstrate the ability to think critically about human behavior 3. Describe the history and subfields of psychology 4. Identify and describe concepts associated with learning, sensation, emotions, and behavior 5. Apply the concepts of personality and development to themselves 6. Demonstrate a basic understanding of mental and emotional disorders and their treatment 7. Develop a plan for stress management 8. Assess the impact of familial, societal, and cultural impact on human behavior. 9. development IV. Assessment Discussions 13@2 26 Internet Assignments 6@4 ...

Words: 1557 - Pages: 7

Premium Essay

Module 3 Essay

...standards and the development of networking technologies are surveyed in conjunction with a basic awareness of software and hardware components used in typical networking and internetworking environments. MAJOR INSTRUCTIONAL AREAS 1. Networking fundamentals 2. The OSI model and its use in networking 3. LANs, WANs, MANs and their implementation 4. Physical layer fundamentals 5. Basics of the data link layer 6. The functions of TCP/IP 7. IP addressing, subnetting, and supernetting 8. Diagramming the physical components that comprise a network 9. Logic created by the interconnectivity of network components 10. Applying network security 11. Future developments in networking COURSE OBJECTIVES 1. Explain key networking concepts and terminology. 2. Identify the advances in computer networking from an historical perspective. 3. Describe the OSI and TCP/IP models and their network impact. 4. Classify networks based on methodology and functional application. © ITT Educational Services, Inc. All Rights Reserved. -2- 05/08/2013 Introduction to Networking SYLLABUS 5. Identify the necessary components of a network from both...

Words: 4795 - Pages: 20

Premium Essay

Term Paper on Ethics

...Schedule/Room | Wed – 4:30 PM – 7:10 PM8/29/2013 – 12/19/2013 TD0145-107 & online | Instructor | Joanne Shumaker | Phone | 410-456-6808 | Email / Availability | evans1117@comcast.net (preferred email) Monday – Friday 11:00 am -1200 pm & 7:00 pm – 9:00 pmWeekends – 4:00 pm – 6:00 pm | Required Texts | Austin, R. D., Nolan, R.L. & O’Donnell, S.O, (2009) The Adventures of an IT Leader; hereafter referenced as: “ANO”McKeen J. D., & Smith, H. A, (2009), IT Strategy; Issues and Practices; hereafter referenced as “MSAll text should be available in the Towson Bookstore | On-line reading resources | CIO.com | Welcome! I would like to welcome you to AIT/628 Information Technology and Business Strategy, where you will review the development of an IT-enabled strategy and organizational design. We will attempt to research and analyze various frameworks for developing an organizational strategy. We will discuss setting up the organizational structure and IT architecture in terms of achieving a business strategy, as well as discuss frameworks for organizing, managing, and leading the IT function. You will also have an opportunity to discuss and solve management challenges based on your personal experiences. This class will be exciting and informative and I look forward to sharing this experience with you! Please feel free to contact me as needed. Course Description Design and evolution of technology strategy; the development of the firm's innovative capabilities...

Words: 2062 - Pages: 9

Free Essay

.Health

...responded within 72 hours, it is most likely I never received your email. E-mail Correspondence: To protect your privacy, your business with Blue Ridge Community College is conducted only through your college-provided email account. Please use this account to contact me or when you are conducting other business with BRCC. I will use this email address to contact you as well. I. Course Description: The purpose of this course is to provide an understanding of medical terms and abbreviations. It includes the study of prefixes, suffixes, word roots, and technical terms with emphasis on proper spelling, pronunciation, and usage. It is expected that all students have regular access to the internet and check their school email several times a week. If for any reason your routine access is interrupted, there are computers and internet access available for students at the BRCC campus. II. Course Objectives: Upon completion of this course, the student should be able to: 1. Define roots, prefixes, suffixes, combining forms, combining vowels, and eponyms. 2. Analyze medical terms by identifying the root, prefix, and suffix. 3. Identify, define, and spell words associated with body systems reviewed. 4. Explain abbreviations associated with body systems reviewed. 5. Describe signs, symptoms, disease conditions, and testing associated with body systems reviewed. 6. Apply...

Words: 1297 - Pages: 6

Premium Essay

I Am Me

...Financial Accounting III, Fall 2013 Class Time/Room: Section 1: MW 12:00 – 1:50 PM A&E 0293 Section 2: MW 6:00 – 7:50 PM Science S205 Instructor: Kim Shima, PhD, MAcc, CPA Office: VBT 352 Phone/Voice Mail: 885-7176 E-mail*: kim.shima@csueastbay.edu Office Hours: MW 2:00-3:30 PM or by appointment Prerequisites: Acct 3212 or its equivalent with C- or better. Course Materials: Intermediate Accounting, 7th ed., Spiceland, Sepa, and Nelson CONNECT program (available with book purchase) PPT slides available on Blackboard site Basic Four Function Calculator (cell phones, iPods, and graphing calculators may not be used as a calculator on exams) Course Description and Objectives: This is the last course in a three-course sequence on intermediate financial accounting. The objectives of this course are to reinforce the fundamental knowledge developed in ACCT 3211 and ACCT 3212 and to continue to build the understanding on the theory and practice of financial reporting. During this course, we will cover topics such as income taxes, pensions and other post-retirement benefits, shareholders equity, share-based compensation, earning per share, accounting changes and error corrections, and the statement of cash flows (revisited). Homework and three exams are used to evaluate students’ understanding of the material. Special note: although the emphasis of this course is US GAAP, we are rapidly moving towards convergence...

Words: 2030 - Pages: 9

Premium Essay

Price Discrimination

...Managerial Economics ECP 3703 01Z, 02Z, and 03Z (CRN 21124, 21446, and 21456) are held at times determined by You At eLearning (online) in Canvas. Professor: Dr. John Hilston – (321) 433-5327 hilstonj@easternflorida.edu - You need to use Titans email! Department Chair – Mr. Charles Kise 3 Credit Hours Introduction: John Hilston earned a B.S. in Industrial Management from Grove City (PA) College (1996). At Grove City, he studied under G. Dirk Mateer and Walter E. Williams. After graduating from Grove City, John worked as a Project Engineer, Real Estate Tax Specialist, and Insurance Statistical Analyst. While working in these various positions, he earned an M.A. in Economics from Cleveland State University (1998). After teaching Economics part-time for a year, John decided to make this interest his full-time career. He taught for two years at six different Cleveland/Akron, OH, area institutions. For the next 3+ years, John was an Economics Professor at Seminole State College in Sanford, FL. He is presently a Professor of Economics at Eastern Florida State College in Palm Bay, FL. John completed his Ed.D in Educational Leadership at University of Central Florida in Orlando, FL (2010). His academic interests include history, the economics of public policy, and college faculty political diversity.    In his spare time, John enjoys cheering for his beloved Cleveland and Ohio sports teams, traveling (he has been to fifty state capitols and sixteen countries), and rooting...

Words: 3468 - Pages: 14

Premium Essay

Portfolio Activity

...complete and accurate information, Central Institute of Technology assumes no responsibility for any liability, loss or damage caused or alleged to be caused directly or indirectly by the instructions contained in or accompanying this publication. Version 2 Semester 2, 2013 Printed by: Print Central Contents Introduction 4 Study Notes 5 Element 1 – Develop and document strategies for international purchasing 7 Element 2 – Implement international purchasing strategies 10 Element 3 – Undertake more complex international purchasing 12 Element 4 – Determine payment strategies 15 Element 5 – Arrange barter and countertrade 18 Element 6 – Determine logistics strategies 20 Element 7 – Evaluate international purchasing strategies and implement identified improvements 22 Portfolio Activities Semester 2, 2013 24   Introduction Continued pressure to reduce costs and improve spending has fueled a procurement revolution. Pressures to source from emerging markets such as China, India and Eastern Europe demand improved sourcing and supply management skills. Purchasing internationally involves having to expand your knowledge of many aspects of procurement that you don't have to worry about when buying domestically. Differences in cultures, laws, communications, currencies and more. Coordinating logistics, dealing with customs, arranging payment, identifying countries for sourcing, finding suppliers, calculating landed cost, assessing risks, and implementing global...

Words: 4834 - Pages: 20