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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 years are as follows:
a Using a year moving average, the forecast for year miles round your response to the nearest whole number
If a 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 year moving average round your response to the nearest integer
The MAPE for the forecast based on a year moving average round your response to four decimal places
b The forecast for year using a weighted year moving average with weights of and the weight of is for the most
recent period miles round your response to the nearest whole number
The MAD for the forecast developed using a weighted year moving average with weights of and 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 year moving average model
B the weighted year moving average model
d Using exponential smoothing with and the forecast for year being the forecast for year
miles round your response to
the nearest whole number
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