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Applied Quantitative Medthods and Forecasting Using Extrapolation By Moving Averages and Smoothing

Using the Northern College Health Services data presented on page 113 of your textbook, present a forecast of clinic visits for week XX using Extrapolation by Moving Averages and also using Extrapolation by Exponential Smoothing. Which of these approaches will provide the best forecast in your view, and why?

The data on pg. 113 is from the textbook Essentials of Applied Quantitative Methods for Health Service Managers by James B. Lewis, Robert J. McGrath, Lee F. Seidel

I have no idea where to even begin with this problem!!! Please help!!

Solution Preview

I have provided you with an example of how to do these two techniques using the 2008 values. Note in your photo that the last two months of 2008 are blank. I have forecasted these two months using both the exponential smoothing and moving average methods. Note I use Excel 2010. This is really easy to do if you just know how to use the Data Analysis Toolpak in Excel. In my solution, I provide you with instructions on how to load it into your Excel. It's a free pre-loaded tool. Just needs to be activated. Note: I have just given ...

Solution Summary

Applied quantitative methods and forecasting are examined.