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 milles driven during the past 5 years areKas followsYearMileage3,000234,000 3,40043,80053,700a) Using a 2-year moving average, the forecast for year 6- 3750 miles (round your response to the nearest whole number)b) If a 2-year moving average is used to make the forecast, the MAD based on this miles (round your response to a whole number). (Hint: You will have only 3 years of matched data)

A moving average is a statistical calculation used to analyze data over a specific period of time by…

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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Hi, I need help solving for part D. Thank you.
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. Year Mileage a) Using a 2-year moving average, the forecast for year 6 = 3750 miles (round your response to the nearest whole number). b) If a 2-year moving average is used to make the forecast, the MAD based on this = 116.7 miles (round your response to one decimal place). (Hint: You will have only 3 years of matched data.) c) The forecast for year 6 using a weighted 2-year moving average with weights of 0.35 and 0.65 (the weight of 0.65 is for the most recent period) = miles (round your response to the nearest whole number). 1 3,050 2 3,950 3 3,400 4 3,750 5 3,750 4
1
Consider the following from an estate agent’s business nationally: 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 Calculate the three point moving averages (quarters) and seasonal variation for the above data Define moving averages and how they’re useful in forecasting (use Harvard referencing) At races, your horse, White Rum, has a probability of 1/20 of coming 1st, 1/10 of coming 2nd and a probability of ¼ in coming 3rd. First place pays $5,000 to the winner, second place $4,000 and third place $1,350. Hence, is it worth entering the race if it costs $1050? Your company plans to invest in a particular project. There is a 40% chance you will lose $3,000, a 45% chance you will break even, and a 15% chance you will make $5,500.…
Hi, need help solving for part B. Thank you.
Show the steps on excel to plot the graph and insert the equation on the graph
Help Saved Mary, Susan, and Sarah are running a beach boutique on the board walk of Ocean City. Their favorite product is a red lifeguard hoody. Mary believes it will sell 318 times next season. Susan forecasts sales of 518, and Sarah forecasts 199. What would be the result of a simple forecast combination? (Round to two decimal places)
4) A small manufacturing firm has recorded a time series of the cost per unit for the firm's leading product over the past eight years. Year Cost/Unit($) 1 2 3 4 5 6 7 8 20 24.5 28.2 27.5 26.6 30 31 36 a) If you are not given a base value or trend, what would be the forecast for the year 10 made at the end of year 8 (a=0.2, ß=0.4). b) Forecast for the year 9 using 1) 5-month weighted average using 0.1,0.1,0.1,0.2,0.3, with the heaviest weight applied to the recent month 2) Exponential smoothing using a =0.2 and forecast of 21 for year 5 3) If a value was not provided in the question above, what value of a would you choose?
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…
Below is a table containing data on product demand for the most recent three months along with the forecasts that had been made for those three previous months. Calculate the MAE (or MAD). Month Demand Forecast 1 308 310 2 388 390 3 344 342

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