Please forecast the mileage for 2013 (in 10) using a weighted average method with a 0.6 as a weight for the most recent period and 0.4 for the next. Keep one decimal place **Question 10**The Charbondale 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 (in 10) ||------|----------------|| 2008 | 300 || 2009 | 400 || 2010 | 340 || 2011 | 332 || 2012 | 370 |Please forecast the mileage for 2013 (in 10) using a weighted average method with 0.6 as the weight for the most recent period and 0.4 for the next.Keep one decimal place.

Forecast of 2013 = 0.6*demand of 2012 + 0.4* Demand of 2011

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 10) 2008 300 2009 400 2010 340 332 2011 2012 370 Please forecast the mileage for 2013 (in 10) using a weighted average method with 0.6 as the weight for the most recent period and 0.4 for the ne

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 10) 2008 300 2009 400 2010 340 332 2011 2012 370 Please forecast the mileage for 2013 (in 10) using a weighted average method with 0.6 as the weight for the most recent period and 0.4 for the ne

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 sales of Bluetooth Headphones at the Dubai Electronics Enterprises in Jebel Ali, UAE, over the past 4 months have been 100, 110, 120, and 130 units (with 130 being the most recent sales). Develop a moving-average forecast for next month, using the following techniques: 5B. If next month's sales turn out to be 140 units, forecast the following month's sales (months) using a 4-month moving average.
Sales of Bluetooth Headphones at the Abdulla Electronics Enterprises in Model Town, India, over the past 4 months have been 100, 110, 120, and 130 units (with 130 being the most recent sales). Develop a moving-average forecast for next month, using following techniques: a) 3-month moving average. b) 4-month moving average. c) Weighted 4-month moving average with the most recent month weighted 4, the preceding month 3, then 2, and the oldest month weighted 1. d) If next month’s sales turn out to be 140 units, forecast the following month’s sales (months) using a 4-month moving average.
Using least-squares regression, the forecast for the number of accidents that will occur in the month of May = ? accidents (enter your response as a whole number).
The following gives the number of accidents that occurred on Florida State Highway 101 during the last 4 months: Jan Feb Mar AprMonth 1 2 3 4Number of Accidents 25 40 60 105 Using the least-squares regression method, the trend equation for forecasting is (round your responses to two decimal places): y = ? + ?x
Please do not give solution in image format thanku 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 1 2 3 4 5 6 7 8 Cost/Unit ($) 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 (α=0.2, β=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 α =0.2 and forecast of 21 for year 5 3) If α value was not provided in the question above, what value of α would you choose?
I would I do a problem like this? A time-series trend equation is 20.6 + 15.7x. What is your forecast for period 13?
Give an example of forecasting a pet store
The Dean of a faculty wants to forecast student enrolments for this academic year based on the following historical data: (5 years ago enrolment was 11770 ), (4 years ago enrolment was 15251), (3 years ago enrolment was 15785 ), (2 years ago enrolment was 16076 ) and in the last year enrolment was 19001 . What is the forecast for this year using exponential smoothing with alpha=0.58999997 , if the forecast for two years ago was :17623 a. 16710.27 b. 18061.801 c. 17801.75 d. 17386.035
Over the past 6 weeks, some overseas wholesalers lowered their exports past 6 weeks shipments received by kaa were: 40, 35, 38, 34, 36, 31 tons. Kaa is seeking your help in forecasting expected shipment after 6 more weeks. Is it SMA or WMA or SLR or ESM forecast model?
Data collected on the yearly registrations for a Six Sigma seminar at the Quality College are shown in the following table: 3 8 9 6 7 6 3 7 10 11 Year Year Forecast (000) 1 5 1 5 2 5 4 4 4 5 11 Registrations (000) Use exponential smoothing with a smoothing constant of 0.4 to forecast the registrations at the seminar for years 2 through 12. To begin the procedure, assume that the forecast for year 1 was 5,000 people signing up (round your responses to one decimal place): 2 3 5 6 7 8 10 16 9 11 12 10 D 11 12 a) What is the MAD? Mean absolute deviation based on the forecast developed using the exponential smoothing method (with a smoothing constant (x) = 0.4 and a starting forecast of F₁ = 5) is thousand registrations (round your response to one decimal place). b) What is the MSE? The mean squared error based on the forecast developed using the exponential smoothing method (with a smoothing constant (x) = 0.4 and a starting forecast of F₁ = 5) is (round your response to two decimal…
Forecasting The manager of a popular tourist resort wants to use the manual trend projection forecasting technique and exponential smoothing without trend to forecast room occupancy at the resort for the next 4 years. Using a numerical example, demonstrate how these techniques can be used to do the forecast.
Discuss why are forecasts generally wrong ?