Forecast is more accurate using the concept of mape

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The Cabondale 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 mileage 3,000 year 2 mileage 4,000 year 3 mileage 3,400 year 4 mileage 3,800 year 5 mileage 3,700 compute the forecast for year 6 using exponential smoothing with a=.1 and a=.5. The initial forecast for year 1 is 2,500. Which forecast is more accurate using the concept of MAPE?

Reference no: EM13960197

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