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The Ulster Spring Hospital in Trelawny is considering the purchase of a new ambulance. The decision will rest partly on the anticipated mileage to be
The Ulster Spring Hospital in Trelawny 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 3,000 4,000 3,400 3,800 3,700 a) Using a 2-year moving average, the forecast for year 6 (4 marks) b) If a 2-year moving average is used to make the forecast, calculate the MAD. (6 marks) c) Find the forecast for year 6 using a weighted 2-year moving average with weights of 0.40 and 0.60 (the weight of 0.60 is for the most recent period) (4 marks) d)What is the MAD for the forecast developed using a weighted 2-year moving average with weights
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