1. What is a time-series forecasting model?2. What is the difference between a causal model and a time-series model?3. What are some of the problems and drawbacks of the moving average forecasting model?4.What effect does the value of the smoothing constant have on the weight given to the past forecast and the past observed value?5.What is MAD, and why is it important in the selection and use of forecasting models?5-21 Sales of Cool-Man air conditioners have grownduring the past 5 years:YEAR SALES 1 450 2 495 3 518 4 5635 5846 ? The sales manager had predicted, before the business started, that year 1’s sales would be 410 air conditioners. Using exponential smoothing with a weight of α = 0.30, develop forecasts for years 2 through 6.5-22 Using smoothing constants of 0.6 and 0.9, develop forecasts for the sales of Cool-Man air conditioners (see Problem 5-21).5-23 What effect did the smoothing constant have on the forecast for Cool-Man air conditioners? (See Problems 5-21 and 5-22.) Which smoothing constant gives the most accurate forecast?
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