The actual number of patients at Providence Emergency Medical Clinic for the first six weeks of this year follows: Week Actual No. of Patients 1 23 2 3 4 5 6 87 89 96 80 86 93 Clinic administrator Dana Schniederjans wants you to forecast patient numbers at the clinic for week 7 by using this data. You decide to use a weighted moving average method to find this forecast. Your method uses four actual demand levels, with weights of 0.333 on the present period, 0.250 one period ago, 0.250 two periods ago, and 0.167 three periods ago. a) What is the value of your forecast? The value of the forecast is patients (round your response to two decimal places). b) If instead the weights were 20, 15, 15, and 10, respectively, how would the forecast change? O A. The value of the forecast will increase. B. The value of the forecast will remain the same. OC. The value of the forecast will decrease. c) What if the weights were 0.50, 0.20, 0.20, and 0.10, respectively? Now what is the forecast for week 7? The value of the forecast is patients (round your response to two decimal places).

The actual number of patients at Providence Emergency Medical Clinic for the first six weeks of this year follows: Week Actual No. of Patients 1 23 2 3 4 5 6 87 89 96 80 86 93 Clinic administrator Dana Schniederjans wants you to forecast patient numbers at the clinic for week 7 by using this data. You decide to use a weighted moving average method to find this forecast. Your method uses four actual demand levels, with weights of 0.333 on the present period, 0.250 one period ago, 0.250 two periods ago, and 0.167 three periods ago. a) What is the value of your forecast? The value of the forecast is patients (round your response to two decimal places). b) If instead the weights were 20, 15, 15, and 10, respectively, how would the forecast change? O A. The value of the forecast will increase. B. The value of the forecast will remain the same. OC. The value of the forecast will decrease. c) What if the weights were 0.50, 0.20, 0.20, and 0.10, respectively? Now what is the forecast for week 7? The value of the forecast is patients (round your response to two decimal places).

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter13: Regression And Forecasting Models

Section13.7: Exponential Smoothing Models

Problem 29P: The file P13_29.xlsx contains monthly time series data for total U.S. retail sales of building...

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Part 2

a) What is the value of your forecast?

The value of the forecast is

enter your response here

patients (round your response to two decimal places).

Part 3

b) If instead the weights were

20,

15,

and

10,

respectively, how would the forecast change?

The value of the forecast will increase.

The value of the forecast will remain the same.

The value of the forecast will decrease.

Part 4

c) What if the weights were

0.50,

0.20,

and

0.10,

respectively? Now what is the forecast for week 7?

The value of the forecast is

enter your response here

patients (round your response to two decimal places).

The actual number of patients at Providence Emergency Medical Clinic for the first six weeks of this
year follows:
Week Actual No. of Patients
1
87
89
96
80
86
93
The value of the forecast is
GAW N
3
4
The value of the forecast is
5
6
Clinic administrator Dana Schniederjans wants you to forecast patient numbers at the clinic for week 7
by using this data. You decide to use a weighted moving average method to find this forecast. Your
method uses four actual demand levels, with weights of 0.333 on the present period, 0.250 one period
ago, 0.250 two periods ago, and 0.167 three periods ago.
a) What is the value of your forecast?
patients (round your response to two decimal places).
b) If instead the weights were 20, 15, 15, and 10, respectively, how would the forecast change?
U
A. The value of the forecast will increase.
B. The value of the forecast will remain the same.
C. The value of the forecast will decrease.
c) What if the weights were 0.50, 0.20, 0.20, and 0.10, respectively? Now what is the forecast for
week 7?
patients (round your response to two decimal places).

Leveraging special tenchniques in analyzing historical data to predict future trends. Forecasting covers the methods and types of forecasting and their application to case studies.

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Step 2: a. Value of the forecast

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Step 3: The changes in forecasting value if the weights are 20, 15, 15, and 10

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Step 4: c. The new forecasting value using the weights as 0.5, 0.2, 0.2 and 0.1

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