Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The Bonavista patient transfer company is considering the purchase of a new ambulance. The decision will rest partly on the anticipated mileage to be driven

The Bonavista patient transfer company is considering the purchase of a new ambulance. The decision will rest partly on the anticipated mileage to be driven next year. The kilometers driven during the past 5 years are as follows;

Year

Distance (KM)

1

3,000

2

4,000

3

3,400

4

3,800

5

3,700

Forecast the numbers of Kilometers for next year (6th year) using a 2-year moving average.

Find the MAD based on the 2-year moving average forecast in part a [Hint: You will have only 3 years of matched data.]

Use a weighted 2-year moving average with weights of .4and .6 to forecast next years mileage. The weight of .6 is for the most recent year). What MAD results from using this approach to forecasting? [Hint: You will have only 3 years of matched data.]

Compute the forecast for year 6 using exponential smoothing, an initial forecast for year 1 of 3,000 miles, and a = .5

2;Prepare a graph of the monthly forecasts and average forecast demand for Industrial Air Corp., a manufacturer of variety of large air conditioners for commercial applications

manufacturer of variety of large air conditioners for commercial applications. (2 marks)

MONTH

PRODUCTION DAYS

DEMAND FORECAST

January

22

1,000

February

18

1,100

March

22

1,200

April

21

1,300

May

22

1,350

June

21

1,350

July

21

1,300

August

22

1,200

September

21

1,100

October

22

1,100

November

20

1,050

December

20

900

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

Step: 3

blur-text-image

Ace Your Homework with AI

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

Get Started

Recommended Textbook for

Audit Firm Size And Audit Quality In Nigeria An Empirical Review

Authors: LAP Lambert

1st Edition

6139825466, 978-6139825462

More Books

Students also viewed these Accounting questions

Question

draw this using matlab for the love of god

Answered: 1 week ago

Question

Describe how to train managers to coach employees. page 404

Answered: 1 week ago

Question

Discuss the steps in the development planning process. page 381

Answered: 1 week ago