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 | Mileage ||------|---------|| 1 | 3,000 || 2 | 4,050 || 3 | 3,450 || 4 | 3,800 || 5 | 3,500 |**a) Using a 2-year moving average, the forecast for year 6 = 3800 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 one decimal 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 0.40 and 0.80 (the weight of 0.80 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 0.40 and 0.80 (round your response to one decimal place). (Hint: You will have only 3 years of matched data.)****d) Using exponential smoothing with alpha = 0.30 and the forecast for year 1 being 3,050, the forecast for year 6 = ___ (round your response to the nearest whole number).**_No graphs or diagrams are included._

A forecasting model is a mathematical or statistical tool used to predict or estimate future values…

Answered: Year Mileage 1 3,000 2 4,050 3 3,450 4…

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

Similar questions

Apply 4-period SMA and 4-period WMA (0.1, 0.2, 0.3, 0.4) to the given data. Determine the MAD, MSE, and RSE for both method and provide the forecast for the next period using the method with better MSE. period demand period demand 120 1 13 131 2 124 14 132 3 122 15 133 4 123 16 130 132 125 17 128 18 134 7 129 19 134 8 127 20 133 129 21 131 10 128 22 135 11 130 23 137 12 132 24 138
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 Mileage a) Using a 2-year moving average, the forecast for year 6 = 3750 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 = 116.7 miles (round your response to one decimal 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 0.35 and 0.65 (the weight of 0.65 is for the most recent period) = miles (round your response to the nearest whole number). 1 3,050 2 3,950 3 3,400 4 3,750 5 3,750 4
The Bayside Fountain Hotel is adjacent to County Coliseum, a 24,000- seat arena that is home to the city's professional basketball and ice hockey teams and that hosts a variety of concerts, trade shows, and conventions throughout the year. The hotel has experienced the following occupancy rates for the past 9 years, since the coliseum opened. Compute an exponentially smoothed forecast with an a value of .20. According to the result from Excel and/or POM-QM, the forecast for the year 5 would be (type number only, two decimals) Year Occupancy Rate (%) 1 2 3 4 5 6 7 8 9 6.26 83 78 75 81 86 85 89 90 86
Mark Gershon, owner of a musical instrument distributorship, thinks that demand for guitars may be related to the number of television appearances by the popular group Maroon 5 during the previous month Gershe collected the data shown in the following table 17 on 18 ne solve this Calculator Ask my instructor ! 1 Q This exercise contains only parts b, c, and d. b) Using the least-squares regression method, the equation for forecasting is (round your responses to four decimal places): Y=0+0x F1 @ 2 W F2 #3 C 80 F3 $ 54 4 888 F4 do 5 % Maroon 5 TV Appearances Demand for Guitars 14 FO A 6 MacBook Air F6 & 1 7 8: F7 00 * 8 358 57 7 368 4 9 6 DII FB ( 9 DD F9 ) 0 O A F10 Clear all ? C F11 + 11 = Check answer F12 delete
a) Apply moving average and exponential smoothing to generate two forecasts of the closing price for the entire data period. Set appropriate values for the forecast parameters (e.g., k and a). b) Plot and compare the actual and predicted data values you calculated in part (b). Provide one chart that displays actual, moving average, and exponential smoothing lines. Hint: Calculate MSE, MAD, or MAPE to compare the different forecasts. Develop your own forecast from scratch. Do NOT use Excel’s Data Analysis or Forecast Sheets.
The owner of Leisure Boutique in a local mall is reviewing their forecasting model for errors. Month Actual Forecasted March 64 63 April 66 67 May 70 71 June 78 75 July 80 79 August 84 83 September 92 87 October 94 91 What is the cumulative forecast error? Group of answer choices a) -16 b) 16 c) 12 d) -12
Consider the following from an estate agent’s business nationally: Month Houses Sold Jan 380 Feb 360 Mar 390 Apr 400 May 390 June 380 July 394 Aug 454 Sep 460 Oct 460 Nov 430 Dec 370 Calculate the three point moving averages (quarters) and seasonal variation for the above data Define moving averages and how they’re useful in forecasting (use Harvard referencing) At races, your horse, White Rum, has a probability of 1/20 of coming 1st, 1/10 of coming 2nd and a probability of ¼ in coming 3rd. First place pays $5,000 to the winner, second place $4,000 and third place $1,350. Hence, is it worth entering the race if it costs $1050? Your company plans to invest in a particular project. There is a 40% chance you will lose $3,000, a 45% chance you will break even, and a 15% chance you will make $5,500.…
14
A firm uses simple exponential smoothing with trend adjustment to forecast demand, "a = 0.6" and "B=0.6". The Forecast including Trend (FIT) for the 1st month of 2022 was 434 units whereas the actual demand turned out to be 488 units, the trend over that period was 26. Calculate the demand forecast including trend for the 2nd month.
snip
Show the steps on excel to plot the graph and insert the equation on the graph
A forecast for the first six months of the year revealed a tendency to underpredict the actual demand for the revitalized Hubig’s Pies plant in the Marigny. Month Actual Forecast January 675 600 February 720 700 March 640 620 April 510 495 May 480 410 June 565 535 What is the mean squared error of this forecast? a. 1,694 b. 1,873 c. 2,075 d. 1,469

SEE MORE QUESTIONS

Recommended textbooks for you

Practical Management Science

Operations Management

ISBN:

9781337406659

Author:

WINSTON, Wayne L.

Publisher:

Cengage,

Operations Management

ISBN:

9781259667473

Author:

William J Stevenson

Publisher:

McGraw-Hill Education

Operations and Supply Chain Management (Mcgraw-hi…

Operations Management

ISBN:

9781259666100

Author:

F. Robert Jacobs, Richard B Chase

Publisher:

McGraw-Hill Education

Practical Management Science

Operations Management

ISBN:

9781337406659

Author:

WINSTON, Wayne L.

Publisher:

Cengage,

Operations Management

ISBN:

9781259667473

Author:

William J Stevenson

Publisher:

McGraw-Hill Education

Operations and Supply Chain Management (Mcgraw-hi…

Operations Management

ISBN:

9781259666100

Author:

F. Robert Jacobs, Richard B Chase

Publisher:

McGraw-Hill Education

Business in Action

Operations Management

ISBN:

9780135198100

Author:

BOVEE

Publisher:

PEARSON CO

Purchasing and Supply Chain Management

Operations Management

ISBN:

9781285869681

Author:

Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. Patterson

Publisher:

Cengage Learning

Production and Operations Analysis, Seventh Editi…

Operations Management

ISBN:

9781478623069

Author:

Steven Nahmias, Tava Lennon Olsen

Publisher:

Waveland Press, Inc.

SEE MORE TEXTBOOKS