The value of the forecast is _________patients (round your response to two decimal places).
The value of the forecast is _________patients (round your response to two decimal places).
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...
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Question
2.
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
|
85
|
|
2
|
88
|
|
3
|
96
|
|
4
|
80
|
|
5
|
84
|
|
6
|
93
|
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.Part 2
a) What is the value of your forecast?
The value of the forecast is _________patients (round your response to two decimal places).
Expert Solution
Step 1
Forecast = sum of the product of weights and actual no.of patients/sum of weights
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Follow-up Questions
Read through expert solutions to related follow-up questions below.
Follow-up Question
2.
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
|
85
|
|
2
|
88
|
|
3
|
96
|
|
4
|
80
|
|
5
|
84
|
|
6
|
93
|
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.Part 2
a) What is the value of your forecast?
The value of the forecast is _________patients (round your response to two decimal places).
c) The mean absolute deviation based on a 2-day moving average = _______ degrees (round your response to one decimal place).
d)The mean squared error based on a 2-day moving average of =_____ degrees 2(round your response to one decimal place).
e) c) The mean absolute percent error( MAPE) based on a 2-day moving average = _________ % (round your response to one decimal place).
Solution
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