Reference no: EM1352353
1 Describe briefly the steps used to develop a forecasting system.
2 What is a time-series forecasting model?
3 What is the difference between a causal model and a time-series model?
4 What is a qualitative forecasting model, and when is it appropriate?
5 What are some of the problems and drawbacks of the moving average forecasting model?
6 What effect does the value of the smoothing constant have on the weight given to the past forecast and the past observed value?
7 Describe briefly the Delphi technique.
8 What is MAD, and why is it important in the selection and use of forecasting models?
9 Explain how the number of season is determined when forecasting with a seasonal component.
10 A seasonal index may be less than one, equal to one, or greater than one. Explain what each of these values would mean.