1. Briefly describe the steps used to develop a forecasting system. 2 What is a time-series…

1. Briefly describe 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 using it appropriate?

5 What is the meaning of least squares in a regression model?

6 What are some of the problems and drawbacks of the moving average forecasting model?