Question
Please answer ASAP. Thank you. The manager of a small health clinic would like to use exponential smoothing to forecast demand for laboratory services in
Please answer ASAP. Thank you. The manager of a small health clinic would like to use exponential smoothing to forecast demand for laboratory services in the facility. However, she is not sure whether to use a high or low value of . To make her decision, she would like to compare the forecast accuracy of a high and low on historical data. She has decided to use an = 0.7 for the high value and = 0.1 for the low value. Given the following historical data, which do you think would be better to use? (Round intermediate calculations to 4 decimal places, e.g. 15.2516. Round answers to 2 decimal place, e.g. 15.25.)
Week | Demand (lab requirements) | |
---|---|---|
1 | 322 | |
2 | 340 | |
3 | 316 | |
4 | 384 | |
5 | 381 | |
6 | 340 |
Forecasts using = 0.1, MAD | enter the mean absolute deviation rounded to 2 decimal places | |
---|---|---|
Forecasts using = 0.7, MAD |
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