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2) General Hospital finds itself treating many patients with covid symptoms. Data from the last six 24-hour periods is shown below: (20 min) 20
2) General Hospital finds itself treating many patients with covid symptoms. Data from the last six 24-hour periods is shown below: (20 min) 20 marks Day 1 Car Victims 5 2 7 eil 3 10 = 4 13 MAE= 1-k+1 Ft+1 aY + (1 - a)Ft 5 14 n-k F2 = Y1 6 17 a. What are the forecasts for days 4 through 7 using a 3-period moving average model? Round the forecasts to two decimal places. (5 marks) b. With a smoothing factor of 0.3, what are the exponentially smoothed forecasts for days 2 to 7? Round the forecasts to two decimal places. (7 marks) c. Calculate the MAE for the 3-period moving average forecasts for days 4 to 6 to the MAE for the exponential smoothing forecasts for days 4 to 6, and comment on what method provided more accurate forecast for day 7. (8 marks)
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