Question: ABC Hospital's administration is considering the following forecasting methods. = a) Exponential smoothing, with a = 0.9. Assume the forecast for year 1 was equal

ABC Hospital's administration is considering theABC Hospital's administration is considering the

ABC Hospital's administration is considering the following forecasting methods. = a) Exponential smoothing, with a = 0.9. Assume the forecast for year 1 was equal to the actual value for week 1.) b) Simple moving average with AP-3. c)Regression model, Y=172.18-14.76X, where Y is the number of positive Covid-19 Cases and X in the index for the week. (e.g. X-1 for year 1. X-2 for year 2, etc.) i) If MAD is the performance criterion chosen by the administration, which forecasting method should it choose? ii) Determine the best forecast demand in week 9. The table below shows the data for Covid-19 cases from week 1 to week 8 in 2020. ABC Hospital's administration is searching the best method to forecast the number of cases for week 9. Week Number of cases (In thousand) 1 150 2 138 3 136 4 122 5 102 6 83 7 63 8 52

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related General Management Questions!