Question: Please break down the math steps for each part: I ' m unsure if I did it correctly. Use the data from Heartville General Hospital
Please break down the math steps for each part: Im unsure if I did it correctly.
Use the data from Heartville General Hospital for the past years below.
You are the hospital's manager, and are considering the best forecasting methods. Accordingly, you
need to calculate the forecasts as instructed, and the errors for each method. Begin error calculation
in year so all methods are compared for the same years.
Note: For each forecasting method, calculate these measures and keep one decimal:
i Average forecast error
ii the mean absolute percent error MAPE
iii. Mean squared error MSE
a Exponential smoothing, with a Let the initial forecast for year be
b Trend projection hint: you need to create a regression equation using MS Excel
c Two year weighted moving average, using weights and with more recent data given
more weight.
d If Avg forecast error is chosen, which forecasting method should it choose?
e If MAPE is chosen, which forecasting method should it choose?
f If MSE is chosen, which forecasting method should it choose?
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