The manager of a small health clinic would like to use exponential smoothing to forecast demand...
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The manager of a small health clinic would like to use exponential smoothing to forecast demand for laboratory services in the facility. However, she is not sure whether to use a high or low value of. To make her decision, she would like to compare the forecast accuracy of a high and low on historical data. She has decided to use an a=0.7 for the high value and a=0.1 for the low value. (a) Given the following historical data, which do you think would be better to use? (Round answers to 2 decimal place, e.g. 15.25) Week 1 23 45 6 Demand (lab requirements) 347 360 313 368 379 361 Forecasts using a = 0.1, MAD Forecasts using a = 0.7, MAD 11 The manager of a small health clinic would like to use exponential smoothing to forecast demand for laboratory services in the facility. However, she is not sure whether to use a high or low value of. To make her decision, she would like to compare the forecast accuracy of a high and low on historical data. She has decided to use an a=0.7 for the high value and a=0.1 for the low value. (a) Given the following historical data, which do you think would be better to use? (Round answers to 2 decimal place, e.g. 15.25) Week 1 23 45 6 Demand (lab requirements) 347 360 313 368 379 361 Forecasts using a = 0.1, MAD Forecasts using a = 0.7, MAD 11
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