The actual number of patients at Omaha Emergency Medical Clinic for the first six weeks of this year follows:WeekActual No. of Patients14549356404453Clinic administrator Marc Schniederjans wants you to forecast patient numbers at the clinic for week 7 by using this data. You decide to use a weighted moving averagemethod to find this forecast. Your method uses four actual demand levels, with weights of 0.500 on the present period, 0.250 one period ago, 0.125 two periods ago, and0.125 three periods ago.a) What is the value of your forecast?The value of the forecast is patients (round your response to two decimal places).b) If instead the weights were 40, 20, 10, and 10, respectively, how would the forecast change?O A. The value of the forecast will increase.O B. The value of the forecast will decrease.C. The value of the forecast will remain the same.c) What if the weights were 0.50, 0.20, 0.20, and 0.10, respectively? Now what is the forecast for week 7?The value of the forecast is patients (round your response to two decimal places).

This problem can be solved using the weighted moving average method of forecasting.

Answered: The actual number of patients at Omaha…

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...

See similar textbooks

Similar questions

The sale of cycles in a shop in three consecutive months are given as 70, 68 and 82 units respectively. Exponential smoothing method with a smoothing constant of 0.4 is used in forecasting. Assume the forecast for the first month is 70 units. The expected number of sales (round off to the nearest whole number) in the 4thmonth is: a. 66 units. b. 71 units. c. 76 units. d. 81 units.
Use exponential smoothing with trend adjustment to forecast demand for period 11. Let α = 0.5, � = 0.3, and let the initial trend value be 12 and the initial forecast be 200
The actual number of patients at Providence Emergency Medical Clinic for the first six weeks of this year follows: The value of the forecast is Week Actual No. of Patients 45 49 IT 56 40 44 55 Clinic administrator Dana Schniederjans wants you to forecast patient numbers at the clinic for week 7 by using this data. You decide to use a weighted moving average method to find this forecast. Your method uses four actual demand levels, with weights of 0.333 on the present period, 0.250 one period ago, 0.250 two periods ago, and 0.167 three periods ago. a) What is the value of your forecast? patients (round your response to two decimal places). 123456
The following table shows predicted product demand using your particular forecasting method along with the actual demand that occurred: FORECAST ACTUAL 1,480 1,530 1,380 1,480 1,680 1,580 1,730 1,780 1,630 1,680 Compute the tracking signal using the mean absolute deviation and running sum of forecast errors. Note: Negative values should be indicated by a minus sign. Round your "Mean Absolute Deviation", "Tracking Signal" to 2 decimal places and all other answers to the nearest whole number. Period Forecast Actual Deviation RSFE Absolute Deviation Sum of Absolute MAD TS Deviation 1 1,480 1,530 -50 -50 50 50 50.00 -1.00 2 1,380 1,480 -100 -150 100 150 75.00 -2.00 3 1,680 1,580 100 -50 100 250 83.33 -0.60 4 1,730 1,630 100 50 100 350 87.50 0.57 5 1,780 1,680 100 150 100 450 90.00 1.67
A police station had to deploy a police officer for an emergency multiple times in the last four evenings. The table below shows the number of emergencies each evening. Weekday Number of calls each day Monday 9:48 Tuesday 3 Wednesday 8 Thursday 11 (Round your answer to 1 decimal place.) What would be their forecast for the emergencies on Friday using a two-day moving average approach? Forecast for Friday calls
Given is a historical time series for job services demand in the prior 6 months. Month 1 2 3 4 5 6 Demand 799 816 789 814 815 805 The Period 6 forecast by using weighted moving average with weights of 0.05, 0.25, 0.40, and 0.30 = Blank 1 (in 2 decimal places)
The demand data for Double T Computer Services appears below. The company wants you to forecast the demand for period 4. What is your forecast using the least squares method? Period Demand 1 37 2 40 3 40
Given an actual demand this period of 90, a forecast for this period of 58, and an alpha of 0.2, what would the forecast for the next period be using exponential smoothing?
The worksheet Hudson Demand Case Data in MindTap provides the number of visits over one year from January to December (52 weeks). Chart the data and explain the characteristics of the time series. How would you forecast future demand for customer visits? What criteria will you use to determine a “good” forecast? What methods would you use, and why? What is your final recommendation with respect to a forecasting method? Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
The following table shows the actual demand observed over the last 11 years: Year 1 2 3 4 5 6 7 8 9 10 11 Demand 6 8 4 7 11 7 13 12 10 13 8 This exercise contains only parts b, c, and d. Part 2 b) Using the 3-year moving average, provide the forecast from periods 4 through 12 (round your responses to one decimal place). Part 3 c) Using the 3-year weighted moving average with weights 0.10, 0.30, and 0.60, using 0.60 for the most recent period, provide the forecast from periods 4 through 12 (round your responses to two decimal places). Part 4 d) Mean absolute deviation for the forecast developed…
The number of cans of soft drinks sold in a machine each week is recorded below. Develop forecasts for the period indicated and error calculations. 155, 145, 155, 162, 180, 165, 172, 149, 170, 172 Exponential smoothing. Use Excel Solver to determine the optimum alpha value to minimize MSE and answer: What is the Mean Absolute Percentage Error (MAPE)?
Elna inc is a microwave manufacturing and distribution company based in Jakarta. The company needs to estimate production demand using the historical sales data of the last 24 months (periods).A logistics manager of the company then uses the moving average, exponential smoothing, and simple linear regression methods to determine sales forecasts for the next 12 months (Graphically illustrate the results). Provide an analysis and the results of bias, MAPE, MSE, and MAD for the forecasting decisions.Moving average is 4 month, and alfa is 0.05

SEE MORE QUESTIONS

Recommended textbooks for you

Practical Management Science

Operations Management

ISBN:

9781337406659

Author:

WINSTON, Wayne L.

Publisher:

Cengage,

Operations Management

ISBN:

9781259667473

Author:

William J Stevenson

Publisher:

McGraw-Hill Education

Operations and Supply Chain Management (Mcgraw-hi…

Operations Management

ISBN:

9781259666100

Author:

F. Robert Jacobs, Richard B Chase

Publisher:

McGraw-Hill Education

Practical Management Science

Operations Management

ISBN:

9781337406659

Author:

WINSTON, Wayne L.

Publisher:

Cengage,

Operations Management

ISBN:

9781259667473

Author:

William J Stevenson

Publisher:

McGraw-Hill Education

Operations and Supply Chain Management (Mcgraw-hi…

Operations Management

ISBN:

9781259666100

Author:

F. Robert Jacobs, Richard B Chase

Publisher:

McGraw-Hill Education

Business in Action

Operations Management

ISBN:

9780135198100

Author:

BOVEE

Publisher:

PEARSON CO

Purchasing and Supply Chain Management

Operations Management

ISBN:

9781285869681

Author:

Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. Patterson

Publisher:

Cengage Learning

Production and Operations Analysis, Seventh Editi…

Operations Management

ISBN:

9781478623069

Author:

Steven Nahmias, Tava Lennon Olsen

Publisher:

Waveland Press, Inc.

SEE MORE TEXTBOOKS