Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The Carbondale Hospital is considering the purchase of a new ambulance. The decision will rest partly on the anticipated mileage to be driven next
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 Mileage: 1 2 3 4 3,100 4,000 3,400 3,850 5 3,800 miles (round your a) Using a 2-year moving average, the forecast for year 6 = 7650 response to the nearest whole number). b) If a 2-year moving average is used to make the forecast, the MAD based on this = years of matched data.) miles (round your response to one decimal place). (Hint: You will have only 3 c) The forecast for year 6 using a weighted 2-year moving average with weights of 0.45 and 0.55 (the weight of 0.55 is for the most recent period)= miles (round your response to the nearest whole number). The MAD for the forecast developed using a weighted 2-year moving average with weights of 0.45 and 0.55 = miles (round your response to one decimal place). (Hint: You will have only 3 years of matched data.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started