Forecasting 6. Using the forecasting methods of a) moving average, b) weighted moving average & c) exponential smoothing. Calculate the following: a) Compute a three-week moving average forecast for the arrival of medical clinic patients in week 4. The numbers of arrivals for the past three weeks were: Week Patient Arrivals 1 400 2 380 3 411 b) If the actual number of patient arrivals in week 4 is 415, what is the forecast for week 5? c) The analyst for the medical clinic has assigned weights of 0.70 to the most recent demand, 0.20 to the demand one week ago, and 0.10 to the demand two weeks ago. Use the data for the first three weeks from Example 1 to calculate the weighted moving average forecast for week 4. d) Again, consider the patient arrival data in Example 1. It is now the end of week 3. Using ???? = 0.10, calculate the exponential smoothing forecast for week 4. (12 Marks)
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** - To calculate the three-week moving average, add up the patient arrivals for the past three weeks and divide by 3. - Patient Arrivals: Week 1 = 400, Week 2 = 380, Week 3 = 411. - Calculation: (400 + 380 + 411) / 3 = 1191 / 3 = 397. - Forecast for Show more…
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