Forecast demand for emergency services in the facility

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Reference no: EM131125819

The manager of a small health clinic would like to use exponential smoothing to forecast demand for emergency services in the facility. However, she is not sure whether to use a high or low value of α. To make her decision, she would like to compare the forecast accuracy of a high and low α on historical data. She has decided to use an α = 0.7 for the high value and α = 0.1 for the low value. For both alpha values, enter exponential smoothing forecasts for weeks 2-6, and calculate the MAD for each alpha value. (Round answers to 1 decimal place, e.g. 15.2) Initatilize the computations using the naïve method Week Demand (in patients serviced) 1 430 2 289 3 367 4 470 5 468 6 365 Exponential Smoothing Forecasts Week Demand α = 0.10 α = 0.70 1 430 2 289 3 367 4 470 5 468 6 365 MAD (a) which value of α do you think would be better to use? It would be better to use α = (b) Is your answer the same as in Problem 5?

Reference no: EM131125819

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