Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

FC.52 The Idaho Department of Transportation is wondering if they should recommend hiring more state police based on the average number of highway miles logged

FC.52 The Idaho Department of Transportation is wondering if they should recommend hiring more state police based on the average number of highway miles logged by each driver in the state. The decision will rest partly on the anticipated highway miles to be driven next year by each driver. The miles driven during the past five years are as follows:

Year Miles Driven
2018 85,409
2019 94,986
2020 94,612
2021 94,914
2022 88,623

What is the 2-year moving average forecast for miles to be driven in 2023? (Display your answer to the nearest whole number.) What is the 3-year moving average forecast for miles to be driven in 2023? (Display your answer to the nearest whole number.) What is the 4-year moving average forecast for miles to be driven in 2023? (Display your answer to the nearest whole number.) Using a 4-year weighted moving average (with last year's weight as 0.6, the year before that as 0.2, the year before that as 0.1, and the year before that as 0.1) what is the forecast for 2023? (Display your answer to the nearest whole number.)

Can you show me how to do it in excel please?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these General Management questions