Question

In: Statistics and Probability

Forecasting. Lakeside Hospital has used a 9 month, moving average forecasting method to predict drug and...

Forecasting.

Lakeside Hospital has used a 9 month, moving average forecasting method to predict drug and surgical dressing inventory requirements. The actual demand for one item is as shown in table 4 -18. Using the previous moving average data, convert to an exponential smoothing forecast for month 33.

Month

24

25

26

27

28

29

30

31

32

Demand

78

65

90

71

80

101

84

60

73

Solutions

Expert Solution

Exponential smoothing forecast for month 33 is 76

Calculation procedure and formulas:

orchestra answered 1 year ago
Next > < Previous

Related Solutions

this passage require Analysis and breakdown Moving averages is a forecasting method that uses the average...
this passage require Analysis and breakdown Moving averages is a forecasting method that uses the average of the k most recent data values in the time series as the forecast for the next period (Anderson, Sweeney, Williams, Camm, Cochran, Fry, & Ohlmann). This approach can be used when the company requires immediately forecasting for a massive volume of data. Exponential smoothing a forecasting method that uses a weighted average of past time series values as the forecast; it is a...
Differentiate Linear Regression from Moving Average forecasting method and give an example of each.
Differentiate Linear Regression from Moving Average forecasting method and give an example of each.
Suppose that you are using the? four-period weighted moving average forecasting method to forecast sales and...
Suppose that you are using the? four-period weighted moving average forecasting method to forecast sales and you know that sales will be decreasing every period for the foreseeable future. What of the following would be the best set of weights to use? (listed in order from the most recent period to four periods? ago, respectively)? A.0.00, 0.00,? 0.00, 1.00 B.?0.25, 0.25,? 0.25, 0.25 C.?1.00, 0.00,? 0.00, 0.00 D.0.10, 0.20,? 0.30, 0.40 E. ?0.40, 0.30,? 0.20, 0.10
Suppose that you are using the? four-period weighted moving average forecasting method to forecast sales and...
Suppose that you are using the? four-period weighted moving average forecasting method to forecast sales and you know that sales will be decreasing every period for the foreseeable future. What of the following would be the best set of weights to use? (listed in order from the most recent period to four periods? ago, respectively)? A.0.00, 0.00,? 0.00, 1.00 B.?0.25, 0.25,? 0.25, 0.25 C.?1.00, 0.00,? 0.00, 0.00 D.0.10, 0.20,? 0.30, 0.40 E. ?0.40, 0.30,? 0.20, 0.10
Forecasting methods studied in this class are quantitative techniques including moving average, weighted moving average, exponential...
Forecasting methods studied in this class are quantitative techniques including moving average, weighted moving average, exponential smoothing, linear regression, and exponential smoothing with trend component. You are given a set of past demand data and asked to forecast demand for the future. What would you FIRST do to decide which demand forecasting method to use and why? Please choose one of the forecasting methods listed above.
Of the three quantitative forecasting techniques (moving average, weighted moving average, and exponential smoothing), which do...
Of the three quantitative forecasting techniques (moving average, weighted moving average, and exponential smoothing), which do you think provides the most accurate forecast and why?
Find the MAD for the 3-month and the 12-month moving average forecast. Year   Month   Rate(%) 2009  ...
Find the MAD for the 3-month and the 12-month moving average forecast. Year   Month   Rate(%) 2009   Jan   7.9 2009   Feb   8.5 2009   Mar   8.7 2009   Apr   9.1 2009   May   9.4 2009   Jun   9.4 2009   Jul   9.7 2009   Aug   9.5 2009   Sep   9.9 2009   Oct   9.9 2009   Nov   9.9 2009   Dec   9.7 2010   Jan   9.7 2010   Feb   9.6 2010   Mar   9.8 2010   Apr   9.7 2010   May   9.5 2010   Jun   9.4 2010   Jul   9.4 2010   Aug   9.4 2010   Sep   9.4 2010   Oct  ...
7. (9 pts.) On weekend nights, a large urban hospital has an average of 4.8 emergency...
7. (9 pts.) On weekend nights, a large urban hospital has an average of 4.8 emergency arrivals per hour. Let X be the number of arrivals per hour on a weekend night at this hospital. Assume that successive arrivals are random and independent. (a ) What is the distribution of X ? (b) What is the probability of observing exactly two emergency arrivals? (c) What is the probability of observing more than two emergency arrivals?
Nonparametric methods; analysis of ordinal data Index numbers Time Series and Forecasting Concept of moving average...
Nonparametric methods; analysis of ordinal data Index numbers Time Series and Forecasting Concept of moving average and its use
A hospital has determined that the average duration of a stay at the hospital is 9.3...
A hospital has determined that the average duration of a stay at the hospital is 9.3 days. Suppose that the population standard deviation for the duration of stays at this hospital is 2.3 days. Researchers randomly select 36 former patients to include in further research on hospital stays. Use the central limit theorem to find the approximate probability that total amount of time these 36 patients spent at the hospital exceeds 180 days?
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT