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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 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 1 2 3 4 5 Mileage 3000 3,950 3,500 3750 3750 a) Using a 2year moving average, the forecast for year 6 = miles (round your response to the nearest whole number). b) If a 2year moving average is used to make the forecast, the MAD based on this = nothing 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 2year moving average with weights of .40 and .60 (the weight of .60 is for the most recent period) = nothing miles (round your response to the nearest whole number). The MAD for the forecast developed using a weighted 2year moving average with weights of .40 and 0.60 = nothing miles (round your response to one decimal place).(Hint: You will have only 3 years of matched data.) d) Using exponential smoothing with alpha = 0.50 and the forecast for year 1 being 3000 the forecast for year 6 = nothing miles (round your response to the nearest whole number)
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