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Rite Aid Pharmacy in Big Rapids,Michigan Is Using Simple Exponential

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Essay

Rite Aid pharmacy in Big Rapids,Michigan is using simple exponential smoothing to predict monthly birthday card sales.At the end of October 2004,the pharmacy's forecast for December 2004 sales was 400.In November,420 cards were sold,and during December,425 cards were sold.At the end of December 2004,what is the pharmacy's forecast for the total number of cards that will be sold during March and April of 2005? Use Rite Aid pharmacy in Big Rapids,Michigan is using simple exponential smoothing to predict monthly birthday card sales.At the end of October 2004,the pharmacy's forecast for December 2004 sales was 400.In November,420 cards were sold,and during December,425 cards were sold.At the end of December 2004,what is the pharmacy's forecast for the total number of cards that will be sold during March and April of 2005? Use   . .


Definitions:

Test Statistic

The calculated value used to decide whether to reject the null hypothesis in hypothesis testing.

Normal Distribution

A bell-shaped curve that represents a distribution of values symmetrically around the mean.

Alternative Hypothesis

The hypothesis that suggests there is a statistically significant effect or relationship present, opposite to the null hypothesis.

Test Statistic

A figure derived from data in a sample for a hypothesis testing, utilized to decide if the null hypothesis should be discarded.

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