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Question (Category: Business :Management,Business :General-Business)
The carbondale hospital is considering the purchase of new ambulance. The decision will rest partly on the anticipated mileage to be driven next year. The miles driven during the past 5 years are as follows: Year 1 2 3 4 5 Mileage 3,000 4,000 3,400,3,800 3,700 a) Forecast the mileage for the next year using a 2 year moving average.b) Find the MAD based on the 2 year moving average forecast in part (a)c) Use a weighted 2-year moving average with weights of .4 and .6 to forecast next year39s mileage.( the weight .6 is for the most recent year) What MAD results from using this approach to forecasting? (hint: you will have only 3 years of matched data)d) Compute the forecast for year 6 using exponential smoothing an initial forecast for year 1 of 3,000 miles and a=.5

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