Answered: The manager of Good Times Restaurant…

Business

Management

The manager of Good Times Restaurant wants to determine the price to charge for various lunch plates on the menu.

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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The actual number of patients at Providence Emergency Medical Clinic for the first six weeks of this year follows: Week Actual No. of Patients 1 65 68 77 59 66 75 23456 2 5 6 Clinic administrator Dana Schniederjans wants you to forecast patient numbers at the clinic for week 7 by using this data. You decide to use a weighted moving average method to find this forecast. Your method uses four actual demand levels, with weights of 0.500 on the present period, 0.250 one period ago, 0.125 two periods ago, and 0.125 three periods ago. a) What is the value of your forecast? The value of the forecast is patients (round your response to two decimal places). b) If instead the weights were 40, 20, 10, and 10, respectively, how would the forecast change? OA. The value of the forecast will decrease. B. The value of the forecast will remain the same. C. The value of the forecast will increase. c) What if the weights were 0.40, 0.30, 0.20, and 0.10, respectively? Now what is the forecast for week 7?…
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