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Question

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The director of a large public library must schedule employees to reshelf books and periodicals checked out of the library. The number of items checked out will determine the labor requirements. The following data reflect the number of items checked out of the library for the past three years Year 2 1,997 2,321 2,375 2,088 2,666 2,122 2,206 1,869 2,411 2,291 2,382 2,189 Year 3 1,906 2,564 2,596 2,150 2,222 2,663 2074 1,678 1,729 2,065 2,113 2,467 Month January February March May June Jul August September October November December Year 1 1,876 2,662 2,440 2,432 2,494 2,378 2,233 2.445 1.930 1,922 2,397 2,274 The director needs a time-series method for forecasting the number of items to be checked out during the next month Suppose that the director considers the best forecast to be the one that minimizes the absolute value of mean bias (E). Find the best simple moving average forecast you can using the director's criteria Using the director's criteria,the best forecast for the next month is items to be checked out (Enter your response as a whole number)

Explanation / Answer

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The director of a large public library must schedule employees to reshelf books and periodicals checked out of the library. The number of items checked out will determine the labor requirements. The following data reflect the number of items checked out of the library for the past three years Year 2 1,997 2,321 2,375 2,088 2,666 2,122 2,206 1,869 2,411 2,291 2,382 2,189 Year 3 1,906 2,564 2,596 2,150 2,222 2,663 2074 1,678 1,729 2,065 2,113 2,467 Month January February March May June Jul August September October November December Year 1 1,876 2,662 2,440 2,432 2,494 2,378 2,233 2.445 1.930 1,922 2,397 2,274 The director needs a time-series method for forecasting the number of items to be checked out during the next month Suppose that the director considers the best forecast to be the one that minimizes the absolute value of mean bias (E). Find the best simple moving average forecast you can using the director's criteria Using the director's criteria,the best forecast for the next month is items to be checked out (Enter your response as a whole number)

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