Question: 1.Describe briefly 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

1.Describe briefly 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?

Reference for #1

Eight steps to forecasting:

1. Determine the use of the forecastwhat objective are we trying to obtain?

2. Select the items or quantities that are to be forecasted.

3. Determine the time horizon of the forecast.

4. Select the forecasting model or models.

5. Gather the data needed to make the forecast.

6. Validate the forecasting model.

7. Make the forecast.

8. Implement the results.

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