Using a 2-year moving average, the forecast for year 6 = miles (round your response to the nearest whole number). b) If a 2-year moving average is used to make the forecast, the MAD based on this
Using a 2-year moving average, the forecast for year 6 = miles (round your response to the nearest whole number). b) If a 2-year moving average is used to make the forecast, the MAD based on this
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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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:
|
Year
|
1
|
2
|
3
|
4
|
5
|
|
Mileage
|
3,100
|
4,000
|
3,500
|
3,850
|
3,750
|
a) Using a 2-year moving average, the forecast for year 6 =
miles (round your response to the nearest whole number).
b) If a 2-year moving average is used to make the forecast, the MAD based on this =
miles (round your response to onedecimal place). (Hint: You will have only 3 years of matched data.)
c) The forecast for year 6 using a weighted 2-year moving average with weights of 0.45 and 0.55 (the weight of 0.55 is for the most recent period) =
miles (round your response to the nearest whole number).
The MAD for the forecast developed using a weighted 2-year moving average with weights of 0.45 and 0.55 =
miles (round your response to one decimal place). (Hint: You will have only 3 years of matched data.)
d) Using exponential smoothing with
α = 0.30 and the forecast for year 1 being
3,100, the forecast for year 6 =
miles (round your response to the nearest whole number).Expert Solution
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