The Charbondale Hospital is considering the purchase of a new ambulance. The decision will rest partly on the anticipated mileage to be drive next year. The miles driven during the past 5 years are as follows: Year Mileage (in 100) 2008 30 2009 40 2010 34 2011 38 2012 37

The Charbondale Hospital is considering the purchase of a new ambulance. The decision will rest partly on the anticipated mileage to be drive next year. The miles driven during the past 5 years are as follows: Year Mileage (in 100) 2008 30 2009 40 2010 34 2011 38 2012 37

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

Related questions

Q: How do exponential smoothing advantages have over moving averages as a forecasting tool?

A: The advantages of exponential smoothing as a forecasting method over operating averages are as…

Q: he number of disk drives (in millions) made at a plant in China during the past 5 years follows:…

A: Here we find a forecast line that best fits the data points representing the actual. Best fit means…

Q: he formula of exponential smoothing method of forecastin

A: Exponential smoothing is a time series forecasting method for univariate data. Exponential smoothing…

Q: hat are the benefits of exponential smoothing as a forecasting method over running averages

A: The advantages of the exponential smoothing over moving averages with respect to the forecasting…

Q: A store has the following demand figures for the last five years: Year Demand 1 1000 2 1500 3 1200 4…

A: Formulae used: For Exponential Smoothing Forecast: Ft =α At-1 + (1-α)Ft-1WhereFt-1= forecast for…

Q: Sales of tablet computers at Ted Glickman's electronics store in Washington, D.C., over the past 10…

A: Exponential smoothing is a forecasting model which considering the actual and forecasting demand…

Q: The Carbondale Hospital is considering the purchase of a new ambulance. The decision will rest…

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

Q: A police station had to deploy a police officer for an emergency multiple times in the last four ev…

A: Given that: Weekday Number of calls each day Forecast for tomorrow(calls) 11 Monday 9…

Q: The analytics department is researching the past five years of their company's sales to better…

A: Step 1: Identify the formula for Mean Square Error (MSE) of a forecastMSE = ∑e2/nwhere:∑e2 = Total…

Q: The Carbondale Hospital is considering the purchase of a new ambulance. The decision will rest…

A: 2 year moving average is calculate by the sum of last two year and divided with number of moving…

Q: How did you get 106 for 7/1/2021? For the forecast, how would you calculate an exponential…

A: Exponential smoothing is a forecasting model which considering the actual demand and forecasting…

Q: No single forecast methodology is appropriate under all conditions True or false?

A: Answer: What is Forecasting: Forecasting is an attempt to predict future events which will be used…

Q: a) Using a 2-year moving average, the forecast for year 6 = number). miles (round your response to…

A: Moving averages are a type of average that is computed by taking the average of a set of…

Q: A pizza chain has had sales for take-out food over the last four evenings—Monday, Tuesday,…

A: A naïve forecast uses the actual demand for the previous day as the forecast demand for the next…

Q: Given the Exponential Smoothing Method, Actual Demand alpha = .25 and Forecast Demand alpha = 0.75,…

A: Forecasting is a method that uses past data as inputs to make informed estimations that are…

Q: The actual number of patients at Providence Emergency Medical Clinic for the first six weeks of this…

A: Weighted moving average is a forecasting model that consider the weighted values from actual demand…

Q: The Carbondale Hospital is considering the purchase of a new ambulance. The decision will rest…

A: The miles driven during 5 years: Year12345Mileage 30004050345038003800

Q: Complete the "Forecast for tomorrow" column in the table above. Use an exponential smoothing…

Q: The number of cans of soft drinks sold in a machine each week is recorded below. Develop forecasts…

A: Formulae used: (i) Exponential Smoothing:F(t+1)=α At +(1-α) Ft where, F(t-1)= forecast for the…

Q: What is the fundamental difference between exponential smoothing and a weighted moving average?

A: Forecasting is a method of predicting future events by evaluating data sets quantitatively and…

Q: If sales are 43,854 and 43,811 for 2018 and 2019, what would you forecast for 2020 using exponential…

A: Exponential smoothing is a technique for smoothing data in preparation for presentations or…

Q: Describe the exponential smoothing forecast?

A: In exponential smoothing forecasting, all the values of past demand are taken into consideration by…

Q: i. What are the 3-months moving average forecasts for months 4, 5, 6 & 7? ii. What are the 3-month…

A: Forecasting is estimated predictions for the present as well as for the future as per the past data.…

Q: The number of cans of soft drinks sold in a machine each week is recorded below. Develop forecasts…

A: Given data: Period 1 2 3 4 5 6 7 8 9 10 Actual value 155 145 155 162 180 165 172 149 170 172

Q: TOC/ Tunis Oil Co. started 4 months ago. TOC noticed that its production increased significantly.…

A: The weighted moving average is calculated by multiplying each observation in the data set by a…

Q: Explain how can does the number of periods in a moving average affect the responsiveness of the…

A: Moving Average (MA) forecasting calculates the average over a certain number of periods in order to…

Q: The Carbondale Hospital is considering the purchase of a new ambulance. The decision will rest party…

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

Q: What benefits does exponential smoothing have over moving averages as a forecasting tool?

A: As a forecasting function, exponential smoothing has the following benefits over running averages:…

Q: The sale data is shown as follows: Month 1: 11 Month 2: 52 Month 3: 95 Using Weighted…

A: The weighted Simple moving average is determined with the following formula WSMA =…

Q: The Carbondale Hospital is considering the purchase of a new ambulance. The decision will rest…

A: Projected or forecasted value is a prediction of future value depending on past facts and…

Q: Forecasting Historical records show the past ten Hood Lacrosse games having the following…

A: Forecasting is the process of prediction in which sales demand is estimated using historic…

Q: Use the sales data in the table ( attached Image) and apply the same forecast method when α = 0.1,…

A: Exponential Smoothing is a majorly used time series forecasting technique that aims to capture and…

Q: Tom’s Towing LLC operates a fleet of tow trucks that it sends to help drivers in needon the nearby…

A: Forecasting is a technique used to predict future events using quantitative and qualitative methods…

Question

Please use an exponential smoothing method with a=.3 and a 2011 forecast of 35 to forecast the mileage for 2013? Keep two decimal places.

The Charbondale Hospital is considering the purchase of a new ambulance.
The decision will rest partly on the anticipated mileage to be drive next year.
The miles driven during the past 5 years are as follows:
Year
Mileage (in 100)
2008
30
2009
40
2010
34
2011
38
2012
37
Please use an exponential smoothing method with a=0.3 and a 2011 forecast of 35 to forecast the mileage for 2013 ?
Keep 2 decimal places.

Leveraging special tenchniques in analyzing historical data to predict future trends. Forecasting covers the methods and types of forecasting and their application to case studies.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Similar questions

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
Need help with the forecast for year 10. Linear trend line
How is exponential smoothing superior to moving averages as a forecasting tool?
Show your complete solution
12.7 The Intrepid mutual fund of growth stocks has had the following average monthly price for the past 10 months. Month 1 2 3 4 5 6 7 8 9 10 Fund Price 62.7 63.9 68.0 66.4 67.2 65.8 68.2 69.3 67.2 70.1 Compute the exponentially smoothed forecast with a = 0.40, the adjusted exponentially smoothed forecast with a = 0.40 and ß = 0.30, and the linear trend line forecast. Compare the accuracy of the three forecasts using cumulative error and MAD, and indicate which forecast appears to be most accurate.
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?
Explain how do exponential smoothing have benefits over shifting averages as forecasting tool ?
(4) Exponential smoothing with a smoothing constant equal to 0.15, assuming a March forecast of 15(000). (Round your intermediate forecast values and final answer to 2 decimal places.) Forecast thousands (5) A linear trend equation. (Round your intermediate calculations and final answer to 2 decimal places.) Yt thousands
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 1 3,100 2 4,000 3 3,450 4 3,850 5 3,750 a) Using a 2-year moving average, the forecast for year 6 = 3800 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 = 108.3 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 0.40 and 0.60 (the weight of 0.60 is for the most recent period) = miles (round your response to the nearest whole number)
in order to forecast a demand pattern that has a significant trend but no seasonality you can use both double exponential smoothing and regression. what is the advantage of using double exponential smoothing over regression?
Please do fast ASAP fast
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.