Question 3: (1 point)
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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 miles driven during the past 5 years are as follows.
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(a) |
Forecast the mileage for next year using a 2-year moving average. ____________ Round your answer to the nearest whole number; for example,1234 . |
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(b) |
Find the MAD for your forecast in part (a). ____________ Round your answer to the nearest whole number; for example,123 . |
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(c) |
Use a weighted 2-year moving average with weights of .4 and .6 to forecast next year’s mileage. (The weight of .6 is for the most recent year.) ____________ Round your answer to the nearest whole number; for example,1234 . What is the MAD of this forecast? ____________ Round your answer to the nearest whole number; for example,123 . |
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(d) |
Compute the forecast for year 6 using exponential smoothing, an initial forecast for year 1 of 3,100 miles, and Round your answer to the nearest whole number; for example,1234 . |
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