1. Patient volumes for a radiology clinic are observed to have the following tim

Question

1. Patient volumes for a radiology clinic are observed to have the following time-series data: Monday = 25, Tuesday = 28, Wednesday = 32, Thursday = 26, and Friday = 30. Using a 5-day moving average, and ignoring weekend volumes, what is the projection for the following Monday? If you used a 3-day moving average, using Wednesday through Friday values, how would the forecast change?

I am having a hard time understanding how the book came up with these answers. need it worked out so I understand the process. 1.a Five-day moving average forecast is 28.2. 1.b Three-day moving average forecast is 29.3.

Explanation / Answer

Ignore Saturday and Sunday.

For MA(5)

The forecast for Monday = average of last 5 days demand = (25+28+32+26+30)/5 = 28.2

For MA(3)

The forecast for Monday = average of last 3 days demand = (32+26+30)/3 = 29.33

Hope this clarifies.

Related Questions

Navigate

• Browse (All)
• Browse 1
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.