Forecast demand for laboratory services in the facility

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Reference no: EM13968735

The manager of a small health clinic would like to use exponential smoothing to forecast demand for laboratory services in the facility. However, she is not sure whether to use a high or low value of. To make her decision, she would like to compare the forecast accuracy of a high and low on historical data. She has decided to use an α=0.7 for the high value and α=0.1 for the low value. Given the following historical data, which do you think would be better to use? (Round answers to 2 decimal place, e.g. 15.25) Week Demand (lab requirements) 1 332 2 352 3 333 4 366 5 360 6 344 Forecasts using α = 0.1, MAD Forecasts using α = 0.7, MAD Using provides a better historical fit based on the MAD criterion.

Reference no: EM13968735

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