The Carbondale Hospital is considering the purchase of a new ambulance. The decision will rest partly on theanticipated mileage to be driven next year. The miles driven during the past 5 years are as follows:YearMileage13,05024,050a) Using a 2-year moving average, the forecast for year 6 =number).33,45043,80053,700miles (round your response to the nearest whole

Ans) Concept: 2 year moving average is one of the method of forecasting. In 2 year moving average,…

Answered: The Carbondale Hospital is considering…

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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Data collected on the yearly registrations for a Six Sigma seminar at the Quality College are shown in the following table: Year -1 2 Registrations (000) 5.0 5.0 Year Forecast 4 4.3 This exercise contains only parts a and b. a) Using a 3-year moving average, the forecasted registrations (in thousands) for years 4 through 12 are (round your responses to one decimal place): 5 4.6 4 3 3.0 5 6 6.6 7 8 4 5 6 9 10 6.0 11.0 9.0 7.0 9.0 13.0 16.0 6 7 8.7 8 9 7 9 8.3 b) Using a 3-year weighted moving average in which the registrations in the most recent year are given a weight of 2, and registrations in the other 2 years are each given a weight of 1, the forecasted registrations (in thousands) for years 4 through 12 are (round your responses to one decimal place): Year Forecast 8 10 9.6 9 11 12.6 10 12 15.3 11 11 17.0 12
The sale data is shown as follows: Month 1: 11 Month 2: 52 Month 3: 95 Using Weighted Simple Moving Average method (Month 1: 0.2; Month 2: 0.3; Month 3: 0.5) to forecast the sales of Month 4: ________ (Round your answer to the nearest integer)
Hi, need help solving for part B. Thank you.
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Help Saved Mary, Susan, and Sarah are running a beach boutique on the board walk of Ocean City. Their favorite product is a red lifeguard hoody. Mary believes it will sell 318 times next season. Susan forecasts sales of 518, and Sarah forecasts 199. What would be the result of a simple forecast combination? (Round to two decimal places)
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: 1 3,000 2 3,950 3 3,400 Year Mileage a) Using a 2-year moving average, the forecast for year 6 = miles (round your response to the nearest whole number). 4 3,750 5 3,750
Hi, I need help solving for the MAD value. Thank you.
Consider the following from an estate agent business: Month Houses Sold Jan 380 Feb 360 Mar 390 Apr 400 May 390 June 380 July 394 Aug 454 Sep 460 Oct 460 Nov 430 Dec 370 a) Calculate the three point moving averages (quarters) and seasonal variation for the above data b) A detective figures he has a one in nine chance of recovering stolen property. His out-of-pocket expenses for the investigation are $9,000. If he is paid his fee only if he recovers the stolen property, what should he charge clients in order to breakeven? c) At the races, your horse, has a probability of 1/20 of coming 151, 1/10 of coming 2nd and a probability of ¼ in coming 3rd. First place pays $4,500 to the winner, second place $3,500 and third place $1,500. Hence, is it worth entering the race if it costs $1,000? d) Your company plans to invest in a particular…
Assume Sandra's forecasted ADR for the night is $1600.99. What would be her estimated total room revenue for this day? ADR = Total room revenue / Number of rooms sold
The dean of a school of business is forecasting total student enrollment for this year's summer session classes based on the following historical data: Year Enrollment Four years ago 2000 Three years ago 2200 Two years ago 2800 Last year 3000 What is this year's forecast using a three-year simple moving average? a. 2,600 b. 2,400 c. 2,667 d. 2,500 e. 2,333
Data collected on the yearly registrations for a Six Sigma seminar at the Quality College are shown in the following table: Year Year Forecast (000) 1 2 4.00 7.00 1 5.00 3 5.00 Registrations (000) a) Calculate the forecasted registrations for years 2 through 12 using exponential smoothing, with a smoothing constant (a) of 0.40 and a starting forecast of 5.00 for year 1 (round your responses to one decimal place): 2 3 4.6 5.56 4 4.00 4 5.34 11 9 10 7 8 6 5 9.00 9.00 6.00 10.00 13.00 14.00 12.00 5 4.80 6 7 6.48 7.49 8 6.89 9 8.14 10 10.08 11 11.64 12 11.79 b) Mean absolute deviation based on the forecast developed using the exponential smoothing method (with a smoothing constant (a) = 0.40 and a starting forecast of F₁ = 5.00) is response to one decimal place). registrations (round your
Whta is the relationship between the moving average method and exponential smoothing?

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