The problem below looks at forecasting methodologies to determine which forecasting model results in the most accurate forecasts. Accuracy is determined by the lowest mean absolute deviation. Emergency calls to the 911 system of York County for the past 24 weeks are shown below. Accurate forecasts are needed to determine the number of operators needed to staff the station. Week# of Calls1502353254405456357208309351020111512401355143515251655175518401935206021752250234024651. WEIGHTED MOVING AVERAGEUsing an averaging period of 3 with the most recent period weighted .5, the next most recent .4, and the oldest period weighted .1, forecast weeks 4 through 24. Calculate the MAD for this forecasting model.Show your work in a table like the one belowIndicate which model is best/most accurate (based on the lowest MAD). SMA AP=3 WMA ETCWeek# of CallsForecastAbsolute Deviation ForecastAbsolute Deviation 150 235

Formulae: For 3 period moving average (SMA) Simple moving average(Ft) = At-1+At-2+At-33Weighted…

Answered: The problem below looks at forecasting…

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

Question

100%

The problem below looks at forecasting methodologies to determine which forecasting model results in the most accurate forecasts. Accuracy is determined by the lowest mean absolute deviation.

Emergency calls to the 911 system of York County for the past 24 weeks are shown below. Accurate forecasts are needed to determine the number of operators needed to staff the station.

Week	# of Calls
1	50
2	35
3	25
4	40
5	45
6	35
7	20
8	30
9	35
10	20
11	15
12	40
13	55
14	35
15	25
16	55
17	55
18	40
19	35
20	60
21	75
22	50
23	40
24	65

1. WEIGHTED MOVING AVERAGE

Using an averaging period of 3 with the most recent period weighted .5, the next most recent .4, and the oldest period weighted .1, forecast weeks 4 through 24. Calculate the MAD for this forecasting model.