The MAD for the forecast developed using a weighted 2-year moving average with weights of0.350.35and0.650.65 is what? 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:QYearMileage13,05024,05033,45043,80053,750

YearMileage1310024050335004380053750Weight 1 = 0.65Weight 2 = 0.35

Answered: The MAD for the forecast developed…

The MAD for the forecast developed using a weighted 2-year moving average with weights of 0.350.35 and 0.650.65 is what?

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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Concept explainers

Forecasting in Business

Forecasting is the process of predicting the future based on the past and the present data and circumstances. In other words, forecasting is the act of making a detailed analysis of future events based on the decisions made in the past as well as the present. Forecasting plays a very important role in operational management as it helps in planning and decision-making. It is not only important for the success of a business but also contributes to individual growth and success. Many business organizations or companies have failed due to the shortcomings of their forecasting.

Question

The MAD for the forecast developed using a weighted 2-year moving average with weights of

0.350.35

and

0.650.65 is what?

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:
Q
Year
Mileage
1
3,050
2
4,050
3
3,450
4
3,800
5
3,750

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