Question: 1) please explain two basic methods used for forecasting: model with predictor variables and time series forecasting equation. 2) Consider a scenario in which you

1) please explain two basic methods used for forecasting: model with predictor variables and time series forecasting equation.

2) Consider a scenario in which you need to make a prediction or forecast.

What data do you plan to collect?

How to collect?

Which model do you decide to select to make a prediction?

What are the risks you are worried about regarding the accuracy of the forecast?

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