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