Reference no: EM132844594

Describe briefly the steps used to develop a forecasting system.
What is a time-series forecasting model?
Describe briefly the causal and qualitative forecasting models.
What is a qualitative forecasting model, and when is it appropriate?
Describe the structure of a scatter diagram for a time series.
What effect does the value of the smoothing constant have on the weight given to the past forecast and the past observed value?
Is Delphi a quantitative forecasting method?
Explain why most forecasting error measures use either the absolute or the square of the error.
What are moving averages used for? Explain with an example.
A seasonal index may be less than one, equal to one, or greater than one. Explain what each of these val- ues would mean.
What are the main problems with using moving averages in forecasting?
In using the decomposition method, the forecast based on trend is found using the trend line. How is the seasonal index used to adjust this forecast based on trend?
Explain why, in the exponential smoothing forecasting method, the larger the value of the smoothing constant, a, the better the forecast will be in allowing the user to see rapid changes in the variable of interest.
Discuss the use of a tracking signal.