To complete this task, you$$ll be expected to use the Data Analysis ToolPak to perform the $3$ year and $5$ year moving averages, chart the moving averages along with the historical bed utilization data, and then complete your descriptive analysis. Next, you$$ll summarizing AND interpreting the findings from your forecasting and descriptive analysis into a professional business memorandum to Mr$.$ Fisher.

You may want to consider your responses to the below questions; review the current literature; and watch the recommended YouTube videos located under the Help section in preparation for composing your business memorandum to Mr$.$ Fisher.

What is the true purpose for conducting a descriptive analysis on a given dataset?

How do I accurately interpret the output from the descriptive analysis?

What is forecasting?

Why is forecasting necessary in business?

What are the strengths and weaknesses associated with forecasting?

What are the strengths and weaknesses associated with conducting a moving average?

What do the results from a moving average tell us$?$

What are the results from the descriptive analysis and forecasting telling me about the demand for inpatient beds in $2019?$

How do I determine forecasting error and why is this so important when employing forecasting models in business?

What is a Mean Absolute Deviation $($MAD$),$ Mean Squared Error $($MSE$),$ Root Mean Squared Error $($RMSE$),$ and Mean Absolute Percent Error $($MAPE$)?$

Which measure of forecasting error is best given the data being forecasted? Why?

Instructor tips: In your memorandum, be careful not to draw any conclusions that exceed you analyses. In other words, you CANNOT read any more into the results then what is there. Make certain that you read up on forecasting, moving averages, and determining methods of forecasting errors, and descriptive analysis; understand their purpose; and keep your report back to Mr$.$ Fisher aligned with these purposes.