Quantitative methods unit 3 question
Each response has to be a minimum of 200 words
Q1: What is meant by exponential smoothing in forecasting? Provide an example of a healthcare forecasting scenario in which you would recommend using exponential smoothing. Why would exponential smoothing be appropriate for this example?
Q2: No forecast is perfect, and managers need to be realistic about how much planning they can truly base upon forecasted numbers. What are the limitations of forecasting and how do these limitations come into play in a medical setting?
Q3: What is the significance of time intervals in forecasting, and how does this become significant in forecasting for healthcare services? Provide some specific examples for medical management
Q4: It is very important for healthcare managers to understand the difference between analytic and nonanalytic forecasting. What is this fundamental difference? Provide an example for the use of each type of forecasting in healthcare.