What is the value of your forecast? PX If instead the weights were 20, 15, 15, and 10, respectively, how would the forecast change? Explain why. What if the weights were 0.40, 0.30, 0.20, and 0.10, respec- tively? Now what is the forecast for week 7?
What is the value of your forecast? PX If instead the weights were 20, 15, 15, and 10, respectively, how would the forecast change? Explain why. What if the weights were 0.40, 0.30, 0.20, and 0.10, respec- tively? Now what is the forecast for week 7?
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
Transcribed Image Text:The actual demand for the patients at Omaha
Emergency Medical Clinic for the first 6 weeks of this year fol-
4.7
lows:
ACTUAL NO. OF
WEEK
PATIENTS
1
65
62
70
4
48
63
52
Clinic administrator Marc Schniederjans wants you to forecast
patient demand at the clinic for week 7 by using this data. You
decide to use a weighted moving average method to find this fore-
cast. Your method uses four actual demand levels, with weights
of 0.333 on the present period, 0.25 one period ago, 0.25 two peri-
ods ago, and 0.167 three periods ago.
a) What is the value of your forecast? X
b) If instead the weights were 20, 15, 15, and 10, respectively, how
would the forecast change? Explain why.
c) What if the weights were 0.40, 0.30, 0.20, and 0.10, respec-
tively? Now what is the forecast for week 7?
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