Forecasting explained in this answer

Assignment Help Business Management

Reference no: EM1365744

The manager of a small health clinic would like to use exponential smoothing to forecast demand for emergency 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 ? = 0.7 for the high value and ? = 0.1 for the low value.

For both alpha values, enter exponential smoothing forecasts for weeks 2-6, and calculate the MAD for each alpha value.

Week Demand

(in patients serviced)

1 430
2 289
3 367
4 470
5 468
6 365

It would be better to use ? =

Reference no: EM1365744

Questions Cloud

Adventure learning and action learning : If you had to choose between adventure learning and action learning for developing an effective team, which would you choose and why? Defend your choice.

Structuring alternatives to escalating pay : They will be able to attract and retain top people with appealing work environments, and salary and benefits packages that reflect the contemporary world of work. How will these dynamics affect the new global marketplace?

Characterized as a bureaucracy : What can an organization do to ensure that it does not become characterized as a bureaucracy?

Show the transnational model : Compare the description of the transnational model to the elements of a learning organization.

Forecasting explained in this answer : For both alpha values, enter exponential smoothing forecasts for weeks 2-6, and calculate the MAD for each alpha value.

Sample question - forecasting : The estimate of trend through November has been 200 additional boards sold per month.

Question about forecasting : The number of students enrolled at Spring Valley Elementary has been steadily increasing over the past five years.

Which of these is actually the naïve method : A company has used three different methods to forecast sales for the past five months. Use MAD and MSE to evaluate the performance of the three methods which forecasting method performed best?

Sexual harrassment policy of ferrum : Creating an intimidating, hostile, or offensive working/learning environment or substantially interfering with job or academic performance.

User Account

All Pages