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The actual demand for the patients at Omaha Emergency Medical Clinic for the first 6 weeks of this year follows: ACTUAL NO. OF PATIENTS WEEK 1 3 45 6 Clinic administrator Marc Schniederjans wants you to forecast patient demand at the clinic for week 7 by using this data. You decide to use a weighted moving average method to find this fore- cast. Your method uses four actual demand levels, with weights of 0.333 on the present period, 0.25 one period ago, 0.25 two peri- ods ago, and 0.167 three periods ago. 57 patients (a) What is the value of your forecast? (b) If instead the weights were 20, 15, 15, and 10, respectively, how would the forecast change? Explain why. (c) What if the weights were 0.40, 0.30, 0.20, and 0.10, respectively? Now what is the forecast for week 7? 61 Patients 55 patients 65 62 70 63 Patients 48 63 52 59 patients

The actual demand for the patients at Omaha Emergency Medical Clinic for the first 6 weeks of this year follows: ACTUAL NO. OF PATIENTS WEEK 1 3 45 6 Clinic administrator Marc Schniederjans wants you to forecast patient demand at the clinic for week 7 by using this data. You decide to use a weighted moving average method to find this fore- cast. Your method uses four actual demand levels, with weights of 0.333 on the present period, 0.25 one period ago, 0.25 two peri- ods ago, and 0.167 three periods ago. 57 patients (a) What is the value of your forecast? (b) If instead the weights were 20, 15, 15, and 10, respectively, how would the forecast change? Explain why. (c) What if the weights were 0.40, 0.30, 0.20, and 0.10, respectively? Now what is the forecast for week 7? 61 Patients 55 patients 65 62 70 63 Patients 48 63 52 59 patients

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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The actual demand for the patients at Omaha Emergency Medical Clinic for the first 6 weeks of this year follows: ACTUAL NO. OF PATIENTS WEEK 1 2 3 4 5 6 Clinic administrator Marc Schniederjans wants you to forecast patient demand at the clinic for week 7 by using this data. You decide to use a weighted moving average method to find this fore- cast. Your method uses four actual demand levels, with weights of 0.333 on the present period, 0.25 one period ago, 0.25 two peri- ods ago, and 0.167 three periods ago. (a) What is the value of your forecast? (b) If instead the weights were 20, 15, 15, and 10, respectively, how would the forecast change? Explain why. (c) What if the weights were 0.40, 0.30, 0.20, and 0.10, respectively? Now what is the forecast for week 7? 57 patients 61 Patients 55 patients 63 Patients 65 62 70 48 63 52 59 patients.
Transcribed Image Text:The actual demand for the patients at Omaha Emergency Medical Clinic for the first 6 weeks of this year follows: ACTUAL NO. OF PATIENTS WEEK 1 2 3 4 5 6 Clinic administrator Marc Schniederjans wants you to forecast patient demand at the clinic for week 7 by using this data. You decide to use a weighted moving average method to find this fore- cast. Your method uses four actual demand levels, with weights of 0.333 on the present period, 0.25 one period ago, 0.25 two peri- ods ago, and 0.167 three periods ago. (a) What is the value of your forecast? (b) If instead the weights were 20, 15, 15, and 10, respectively, how would the forecast change? Explain why. (c) What if the weights were 0.40, 0.30, 0.20, and 0.10, respectively? Now what is the forecast for week 7? 57 patients 61 Patients 55 patients 63 Patients 65 62 70 48 63 52 59 patients.
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