The actual number of patients at Omaha Emergency Medical Clinic for the first si

Question

The actual number of patients at Omaha Emergency Medical Clinic for the first six weeks of this year follows: Week Actual No. of Patients 45 49 57 39 46 53 Clinic administrator Marc Schniederjans wants you to forecast patient numbers at the clinic for week 7 by using this data. You decide to use a weighted moving average method to find this forecast. Your method uses four actual demand levels, with weights of 0.500 on the present period, 0.250 one period ago, 0.125 two periods ago, and 0.125 three periods ago a) What is the value of your forecast? The value of the forecast is patients (round your response to two decimal places)

Explanation / Answer

Uber the four period weighted moving average method, forecast for next period ( period 7 )

= sum of (Weight of a period x Actual of that period)

= Weight of period 6 x Actual of period 6 + Weight of period 5 x Actual of period 5 + Weight of period 4 x Actual of period 4 + Weight of period 3 x Actual of period 3

= 0.5 x 53 + 0.25 x 46 + 0.125 x 39 + 0.125 x 57

= 26.5 + 11.5 + 4.875 + 7.125

= 50

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