Which of the four forecasting methods is best

Assignment Help Operation Management

Reference no: EM131900083

As you can see in the following table, demand for heart transplant surgery at Washington General Hospital has increased steadily in the past few years:

Year	Heart Transplant
1	45
2	50
3	52
4	56
5	58
6	?

The director of medical services predicted 6 years ago that demand in year 1 would be 41 surgeries.

1. Use exponential smoothing, first with a smoothing constant of 0.6 and then with one of 0.9, to develop forecasts for years 2 through 6.

2. Use a 3- year moving average to forecast demand in years 4, 5, and 6.

3. Use the trend- projection method to forecast demand in years 1 through 6.

4. With MAD as the criterion, which of the four forecasting methods is best?

Reference no: EM131900083

Questions Cloud

Compare the manuscript styles that developed in this period : Compare the manuscript styles that developed in this period. All of the images of Mathew, for instance, had the same function

Discuss the accounting ethics in brief : This week we will be discussing a real-world, live example of accounting ethics. The organization where I am employed is undergoing their audit.

What methods do banks use to reduce their exposure : What methods do banks use to reduce their exposure to developing-nation debt? How can debt/equity swaps help banks reduce losses on developing-nation loans?

Was he pleased or displeased with her performance : Was he pleased or displeased with her performance? How do you know? Explain

Which of the four forecasting methods is best : As you can see in the following table, demand for heart transplant surgery at Washington General Hospital has increased steadily in the past few years.

What is meant by a reserve currency : What is meant by a reserve currency? Historically, which currencies have assumed this role? What is current role of gold in international monetary system?

Geometric shape calculator companion : Modular organization using procedures, subroutines and functions - Use of the system Stack to save and restore register values, pass arguments, receive results

What is incomplete dominance : What is incomplete dominance? Provide a specific example using the Punnett square that has not already been discussed.

What impact does the dollar appreciation have : What impact does the dollar appreciation have on the firm's international competitiveness? What about a dollar depreciation?

User Account

All Pages