Average starting salaries for students using a placement service at a university

Question

Average starting salaries for students using a placement service at a university have been steadily increasing. A study of the last four graduating classes indicates the following average salaries: $20,000, $22,000, $23,000, and $25,000 (last graduating class).

Predict the starting salary for the next graduating class using an exponential smoothing model with an alpha value of 0.2. Assume that the initial forecast was $20,000 (so that the forecast and the actual were the same).

a) $21,536
b) $21,736
c) $20,176
d) $21,936
e) None of the above

Explanation / Answer

b) $21,736

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