Metropolitan Hospital has estimated its average monthly bed needs, N, as:N = 460 + 9Xwhere X = time period (months); (January 2002 = 0)Assume that no new hospital additions are expected in the area in the foreseeable future. The following monthly seasonal adjustment factors havebeen estimated, using data from the past five years:Forecast Metropolitan's bed demand for January, April, July, November, and December 2007.MonthAdjustment Factor (%)ForecastJanuary+5April-15July+4November-5December-25Suppose the following actual and forecast values for June bed demands have been recorded.Year ForecastActual20071,0451,13920069379742005829895200472174320036136562002505515What seasonal adjustment factor would you recommend be used in making future June forecasts?O 5.5%O 0.2%O 2.3%

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What seasonal adjustment factor would you recommend be used in making future June forecasts? 5.5% O 0.2% O 2.3%

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

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Question

Metropolitan Hospital has estimated its average monthly bed needs, N, as:
N = 460 + 9X
where X = time period (months); (January 2002 = 0)
Assume that no new hospital additions are expected in the area in the foreseeable future. The following monthly seasonal adjustment factors have
been estimated, using data from the past five years:
Forecast Metropolitan's bed demand for January, April, July, November, and December 2007.
Month
Adjustment Factor (%)
Forecast
January
+5
April
-15
July
+4
November
-5
December
-25
Suppose the following actual and forecast values for June bed demands have been recorded.
Year Forecast
Actual
2007
1,045
1,139
2006
937
974
2005
829
895
2004
721
743
2003
613
656
2002
505
515
What seasonal adjustment factor would you recommend be used in making future June forecasts?
O 5.5%
O 0.2%
O 2.3%

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