Question: 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?