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Define opportunity loss. What decision-making criteria are used with an opportunity loss table? Explain how a scatter diagram can be used to identify the type of regression to use. Describe briefly the steps used to develop a forecasting system. What effect did the smoothing constant have on the forecast for Cool-Man air conditioners? (See Problems 5-18 and 5-19.) Which smoothing constant gives the most accurate forecast?- see attached file Read Forecasting Attendance at SWU Football Games Case Study, pp. 194. Answer discussion questions 1,2 & 3, p.194.- see attached file
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Accepting Manipulation or Manipulating
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