1. What are the 3 time horizons for forecasting? a) b) c) 2. What are the 2 forecasting approaches? a) b) 3. What are the time series model components? a) b) c) d) 4. Sales of hair dryers at a department store for the past 4 months have been 100, 110, 120 and 130 units, with 130 being the sales for the most recent month. Develop a moving average forecast for the next month, using these two techniques. a) 3-month moving average: What is the forecast for month 5 ? b) 3 month weighted moving average with the most recent month weighted 3 , the preceding month weighted 2, and the oldest month weighted 1: What is the forecast for month 5 ? 5. A hospital is considering the purchase of a new ambulance. The decision will rest partly on the anticipated mileage to be driven next year. The miles driven during the past 5 years are as follows a) Forecast the mileage for the 6th year using an exponential smoothing model with a smoothing constant of =0.5. 6. List 3 techniques for measuring forecast accuracy? a) b) c) 7. An exponential smoothing model with a smoothing constant of =0.3 was developed to forecast year 13 from historical data collected on 12 years of registrations for a seminar, as shown in the following table. a) Calculate the MAD for the forecast. b) Calculate the MSE for the forecast. c) Calculate the MAPE for the forecast