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The numbers of patient arrivals to the ER department at a local hospital for the past 5 weeks are: week: 1 , 2 , 3 , 4 , 5 arrivals: 405 ,420 , 400 , 380 , 411 a) Compute a three-week moving average forecast for the arrival of medical clinic patients in week 6. b) What is the forecast for week 7 given the available information? c) If the actual number of patient arrivals in week 6 is 415, what is the forecast error for week 4? d) What is the updated forecast for week 7 given the info in part c)? e) Calculate the forecast for week 7 using the exponential smoothing method with a smoothing factor? = 0.2. f) Which of the two forecasting methods is providing more accurate forecasts? Compare their performance to recommend one to the hospital for continued use.
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State of nature decision S1 S2 S3 D1 250 750 500 D2 300 -250
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