The actual number of patients at Providence Emergency Medical Clinic for the first six weeks of this year follows. Week 1 2 3 4 5 6 VA The value of the forecast will remain the same. OB. The value of the forecast will increase. OC. The value of the forecast will decrease, Actual No. of Patients 27 29 36 20 24 35 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 metho 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? The value of the forecast is 28.67 patients (round your response to two decimal places) b) If instead the weights were 20, 15, 15, and 10, respectively, how would the forecast change? 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).
The actual number of patients at Providence Emergency Medical Clinic for the first six weeks of this year follows. Week 1 2 3 4 5 6 VA The value of the forecast will remain the same. OB. The value of the forecast will increase. OC. The value of the forecast will decrease, Actual No. of Patients 27 29 36 20 24 35 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 metho 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? The value of the forecast is 28.67 patients (round your response to two decimal places) b) If instead the weights were 20, 15, 15, and 10, respectively, how would the forecast change? 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).
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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Question
Transcribed Image Text:The actual number of patients at Providence Emergency Medical Clinic for the first six weeks of this year follows:
Week
1
2
3
4
5
6
Actual No. of Patients
27
29
36
20
24
35
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?
The value of the forecast is 28.67 patients (round your response to two decimal places).
b) If instead the weights were 20, 15, 15, and 10, respectively, how would the forecast change?
A. The value of the forecast will remain the same.
B. The value of the forecast will increase.
C. The value of the forecast will decrease.
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).
Expert Solution
Step 1 Understanding the given data
Parts a) and b) are solved and answers are updated in the question. We will solve question part c).
The weights given are 0.50, 0.20, 0.20, and 0.10 where 0.50 is for the present period, 0.20 one period ago, 0.20 two periods ago, and 0.10 three periods ago.
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