The Carbondale Hospital is considering the purchase of a new ambulance. The decision will rest partly on the anticipated mileage to be driven next year. The miles driven during the past 5 years are as follows:YearMileage24,050a) Using a 2-year moving average, the forecast for year 6= miles (round your response to the nearest whole number).b) If a 2-year moving average is used to make the forecast, the MAD based on thisc) The forecast for year 6 using a weighted 2-year moving average with weights of 0.45 and 0.55 (the weight of 0.55 is for the most recent period)The MAD for the forecast developed using a weighted 2-year moving average with weights of 0.45 and 0.55 =d) Using exponential smoothing with a = 0.40 and the forecast for year 1 being 3,100, the forecast for year 6 ==13,10033,40043,80053,750miles (round your response to one decimal place). (Hint You will have only 3 years of matched data.)miles (round your response to the nearest whole number)miles (round your response to one decimal place) (Hint You will have only 3 years of matched data.)miles (round your response to the nearest whole number)

YearMileage13100240503340043800537506

Answered: a) Using a 2-year moving average, the…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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What is the connection between using a tracking signal and statistical control limits for forecast control?
4) A small manufacturing firm has recorded a time series of the cost per unit for the firm's leading product over the past eight years. Year Cost/Unit($) 1 2 3 4 5 6 7 8 20 24.5 28.2 27.5 26.6 30 31 36 a) If you are not given a base value or trend, what would be the forecast for the year 10 made at the end of year 8 (a=0.2, ß=0.4). b) Forecast for the year 9 using 1) 5-month weighted average using 0.1,0.1,0.1,0.2,0.3, with the heaviest weight applied to the recent month 2) Exponential smoothing using a =0.2 and forecast of 21 for year 5 3) If a value was not provided in the question above, what value of a would you choose?
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