Question 1 The Subang Jaya Medical Specialist Hospital is considering the purchase of a new ambulance....

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Question 1 The Subang Jaya Medical Specialist Hospital is considering the purchase of a new ambulance. The decisions will rest partly on the anticipated mileage to be driven next year. The distance driven during the past 10 years are as follows: Year 1 2 3 4 LO 5 678 8 9 10 3000 4000 3400 3800 3700 3500 2800 4200 3000 3400 Mileage a) Calculate a 2-year moving average forecast for periods 3-10. (4 Marks) b) Calculate exponential smoothing forecast for periods 2-10 using an initial forecast of 3000. Use = 0.30 and = 0.50 (10 Marks) c) Calculate the MAD for the forecasts made by each technique above. Based on MAD, which forecasting method is the best? (4 Marks) d) Forecast for Year 11, using the chosen technique in (c). (2 Marks) (TOTAL: 20 Marks) Question 1 The Subang Jaya Medical Specialist Hospital is considering the purchase of a new ambulance. The decisions will rest partly on the anticipated mileage to be driven next year. The distance driven during the past 10 years are as follows: Year 1 2 3 4 LO 5 678 8 9 10 3000 4000 3400 3800 3700 3500 2800 4200 3000 3400 Mileage a) Calculate a 2-year moving average forecast for periods 3-10. (4 Marks) b) Calculate exponential smoothing forecast for periods 2-10 using an initial forecast of 3000. Use = 0.30 and = 0.50 (10 Marks) c) Calculate the MAD for the forecasts made by each technique above. Based on MAD, which forecasting method is the best? (4 Marks) d) Forecast for Year 11, using the chosen technique in (c). (2 Marks) (TOTAL: 20 Marks)