Answered step by step
Verified Expert Solution
Link Copied!

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 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:
a) Using a 2-year moving average, the forecast for year 6=, miles (round your response to the nearest whole number).
If a 2-year moving average is used to make the forecast, the MAD based on this = miles (round your response to two decimal places).
The MSE for the forecast based on a 2-year moving average =(round your response to the nearest integer).
The MAPE for the forecast based on a 2-year moving average =(round your response to four decimal places).
b) The forecast for year 6 using a weighted 2-year moving average with weights of 0.35 and 0.65(the weight of 0.65 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 0.35 and 0.65=, miles (round your response to
two decimal places).
c) According to the MAD you have calculated in part a) and part b), which model performs better?
A. the 2-year moving average model
B. the weighted 2-year moving average model
d) Using exponential smoothing with =0.30 and the forecast for year 1 being 3,100, the forecast for year 6=
miles (round your response to
the nearest whole number).
image text in transcribed

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

Recommended Textbook for

Project Management Book Of Templates

Authors: Navaid Ur Rehman

1st Edition

9798719847344

More Books

Students also viewed these General Management questions

Question

what is the difference between a colloid and a solution

Answered: 1 week ago