1. What is the purpose of dependent and independent variables in forecasting and what is the relationship? How does correlation factor into the relationship between variables? GIve an example of an industry where variables may be used to create a model. What are the independent and dependent variable(s)?

2. As an Operations Mnagager, who would you share forecast information with in your company and why? Identify all positions you may think apply.

3. If you are a clothing retailer preparing for the next years sales; what forecasting strategy would you use and why?

4. What is the purpose of monitoring forecast error? What does a control chart assist you in determining?

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1 Dependent and independent variables play crucial roles in forecasting The dependent variable is the variable being forecasted or predicted while the ... View the full answer