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: Year12345Mileage3,1004,0003,5003,8003,700a)Using a 2-year moving average, the forecast for year 6 =______miles (round your response to the nearest whole number).b)If a 2-year moving average is used to make the forecast, the MAD based on this =____miles (round your response to onedecimal place). (Hint: You will have only 3 years of matched data.)c)The forecast for year 6 using a weighted 2-year moving average with weights of 0.45 and 0.55 (the weight of 0.55 is for the most recent period) =________miles (round your response to the nearest whole number).The MAD for the forecast developed using a weighted 2-year moving average with weights of 0.45 and 0.55=_____ miles (round your response to one decimal place). (Hint: You will have only 3 years of matched data.)d)Using exponential smoothing with α=0.20 and the forecast for year 1 being3,100, the forecast for year 6 =miles (round your response to the nearest whole number).

Note: I have answered for sub-parts from (a) to (c) according to guidelines. Kindly post the…

Answered: The Carbondale Hospital is considering…

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 26P: The file P13_26.xlsx contains the monthly number of airline tickets sold by the CareFree Travel...

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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	1	2	3	4	5
Mileage	3,100	4,000	3,500	3,800	3,700

Using a 2-year moving average, the forecast for year 6 =______
miles (round your response to the nearest whole number).

If a 2-year moving average is used to make the forecast, the MAD based on this =____miles (round your response to onedecimal place). (Hint: You will have only 3 years of matched data.)

The forecast for year 6 using a weighted 2-year moving average with weights of 0.45 and 0.55 (the weight of 0.55 is for the most recent period) =________miles (round your response to the nearest whole number).

The MAD for the forecast developed using a weighted 2-year moving average with weights of 0.45 and 0.55=_____ miles (round your response to one decimal place). (Hint: You will have only 3 years of matched data.)

Using exponential smoothing with α=0.20 and the forecast for year 1 being

3,100, the forecast for year 6 =

miles (round your response to the nearest whole number).

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