The manager of a small health clinic would like to use


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 α=0.7 for the high value and α=0.1 for the low value. 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 Demand (lab requirements) 1 332 2 352 3 333 4 366 5 360 6 344 Forecasts using α = 0.1, MAD Forecasts using α = 0.7, MAD Using provides a better historical fit based on the MAD criterion.

Request for Solution File

Ask an Expert for Answer!!
Operation Management: The manager of a small health clinic would like to use
Reference No:- TGS01275167

Expected delivery within 24 Hours