Course: Production Planing & Control The actual demand for the patients at EYE OPD of KTH for the first six weeks of thisyear followsWeckActual No. of Patients165262370448563652The hospital administrator wants you to forecast patient demand at the EYE OPD forweek 7 by using this data. You decided to use a weighted moving average method tofind this forecast. Your method uses four actual demand levels, with weights of 0.333 onthe present period, 0.25 one period ago, 0.25 two periods ago and 0.167 three periodsago.a) Determine the value of your forecast.b) If instead the weights were 20, 15, 15 and 10, respectively, how would theforecast change? Explain why.c) What if the weights were 0.40, 0.30, 0.20, and 0.10, respectively? Now what willbe the forecast for week 7?

Given that: Week Actual Number of Patients 1 65 2 62 3 70 4 48 5 63 6 52

Answered: The actual demand for the patients at…

The actual demand for the patients at EYE OPD of KTH for the first six weeks of this year follows Week Actual No. of Patients 65 62 70 48 123 4

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter13: Regression And Forecasting Models

Section: Chapter Questions

Problem 42P: The file P13_42.xlsx contains monthly data on consumer revolving credit (in millions of dollars)...

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Concept explainers

Breakeven Analysis

Break Even Analysis is a term used in business, cost accounting and economics. It refers to a point where the total cost incurred becomes equal to the total revenue earned. Break Even Analysis determines the number of units to be sold to earn the revenue required to cover the total costs. Total cost is a sum total of fixed and variable costs.

Process analysis

The term process analysis can be defined as breakdown of production process into different phases that converts inputs into output. A series of routine activities are incorporated using organizational resources with a view to achieve operational excellence.

Question

100%

Course: Production Planing & Control

The actual demand for the patients at EYE OPD of KTH for the first six weeks of this
year follows
Weck
Actual No. of Patients
1
65
2
62
3
70
4
48
5
63
6
52
The hospital administrator wants you to forecast patient demand at the EYE OPD for
week 7 by using this data. You decided to use a weighted moving average method to
find this forecast. Your method uses four actual demand levels, with weights of 0.333 on
the present period, 0.25 one period ago, 0.25 two periods ago and 0.167 three periods
ago.
a) Determine the value of your forecast.
b) If instead the weights were 20, 15, 15 and 10, respectively, how would the
forecast change? Explain why.
c) What if the weights were 0.40, 0.30, 0.20, and 0.10, respectively? Now what will
be the forecast for week 7?

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