Practical Management Science
6th Edition
ISBN: 9781337406659
Author: WINSTON, Wayne L.
Publisher: Cengage,
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I understand the moving average concept but not the weighted moving average and exponential smoothing
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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: 1 3,000 2 3,950 3 3,400 Year Mileage a) Using a 2-year moving average, the forecast for year 6 = miles (round your response to the nearest whole number). 4 3,750 5 3,750arrow_forwardUsing least-squares regression, the forecast for the number of accidents that will occur in the month of May = ? accidents (enter your response as a whole number).arrow_forwardA software producer is about to release a new version of its popular software. Discuss what information it would take into account in forecasting initial salesarrow_forward
- In a retail store, the actual sales of a particular product (in thousands of units) over the past few months are as follows: Month Sales 1 16 2 22 3 18 4 20 5 23 Using exponential smoothing method with α (smoothing constant) of 0.75 and the given forecast for month 1 equal to 10, what is the forecast for month 6?arrow_forwardThe 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 miles (round your response to the nearest whole number). a) Using a 2-year moving average, the forecast for year 6 = 1 3,050 2 4,000 3 3,450 4 3,750 5 3,750arrow_forwardAmong the following forecasting techniques, which one utilizes both past time period forecast and past time period actual demand to calculate the forecasted demand? Weighted Moving Average Simple Moving Average Naive Method Exponential Smoothingarrow_forward
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