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Answer the following question please

Answer the following question please

Practical Management Science
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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Answer the following question please

The manager of a small health clinic would like to use exponential smoothing to forecast demand for laboratory services in the facility. However, she is not sure whether to use a high or low value of. To make her decision, she would like to compare the forecast accuracy of a high and low on historical data. She has decided to use an a=D0.7 for the high value and a=0.1 for the low value. Given the following historical data, which do you think would be better to use? (Round answers to 2 decimal place, e.g. 15.25) Demand Week (lab requirements) 1 336 364 325 377 370 336 Forecasts using a = 0.1, MAD Forecasts using a = 0.7, MAD Using provides a better historical fit based on the MAD criterion. a=0.1 a=0.7 eT nd Media
Transcribed Image Text:The manager of a small health clinic would like to use exponential smoothing to forecast demand for laboratory services in the facility. However, she is not sure whether to use a high or low value of. To make her decision, she would like to compare the forecast accuracy of a high and low on historical data. She has decided to use an a=D0.7 for the high value and a=0.1 for the low value. Given the following historical data, which do you think would be better to use? (Round answers to 2 decimal place, e.g. 15.25) Demand Week (lab requirements) 1 336 364 325 377 370 336 Forecasts using a = 0.1, MAD Forecasts using a = 0.7, MAD Using provides a better historical fit based on the MAD criterion. a=0.1 a=0.7 eT nd Media
Expert Solution
Exponential Smoothing

Find the Exponential Smoothing Calculations below:

The calculation method was shown in the table heading.

          

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