The Table Below Shows the Price of a Commodity for Each

question 57

Short Answer

The table below shows the price of a commodity for each of ten consecutive years. $\begin{array} { l c c c c c c c c c c } \hline \text { Year } & 1 & 2 & 3 & 4 & 5 & 6 & 7 & 8 & 9 & 10 \\\\ \text { Price } & \$ 1.19 & \$ 1.22 & \$ 1.23 & \$ 1.45 & \$ 1.39 & \$ 1.42 & \$ 1.47 & \$ 1.55 & \$ 1.62 & \$ 1.65 \\\hline\end{array}$

Use exponential smoothing with $w = 0.6$ to forecast the price of the commodity in years 11 and $12 .$

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Definitions:

Productivity

The efficiency at which products or services are created and delivered, often measured by the output per unit of input.

Performance

Refers to the effectiveness and efficiency of an action or behavior in achieving objectives or goals.

Motivational Theories

Theories that explain what drives individuals to initiate, direct, and sustain behaviors to meet their needs and goals.

Theory X

A management assumption that employees are inherently lazy and will avoid work if possible, hence the need for control and direct supervision.