Using the data from Exercise 2.1, calculate MAD and MAPE for exponential smoothing forecasts with a 5 0.3 and with a 5 0.5. Does varying the values of a provide a more accurate forecast?
Exercise 1:
The monthly ambulatory visits shown in Table EX 2.1 occurred in an outpatient clinic.
a. Predict visits for January, using the naïve forecast method.
b. Predict visits for January, using a three - period moving average.
c. Predict visits for January, using a four - period moving average.