Which forecast is more accurate using the concept of MAPE

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Reference no: EM13960948

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;

Year Mileage

1 3,000

2 4,000

3 3,400

4 3,800

5 3,700

Compute the forecast for year 6 using exponential smoothing with α=.1 and α =.5. The initial forecast for year 1 is 2500.

Which forecast is more accurate using the concept of MAPE?

Reference no: EM13960948

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