Please help answer these Business Forecasting questions using answers that are in text format.

3. Write a paragraph in which you compare what you think are the advantages and disadvantages of subjective forecasting methods. How do you think the use of quantitative methods relates to these advantages and disadvantages?

4. Explain how forecasting relates to having an efficient supply chain.

7. In the chapter you learned about many metrics that can be used to evaluate forecast accuracy. The MAPE was one of those that may be the most common in use. Explain what the MAPE tells day forecaster.

8. Suppose that you work for a U.S. senator who is contemplating writing a bill that would put a national sales tax in place. Because the tax would be levied on the sales revenue of retail stores, the senator has asked you to prepare a forecast of retail store sales for year 8 , based on data from year 1 through year 7 . The data are: (cos8) a. Use the naive forecasting model presented in this chapter to prepare a forecast of retail store sales for each year from 2 through 8 . b. Prepare a time-series graph of the actual and forecast values of retail store sales for the entire period. (You will not have a forecast for year 1 or an actual value for year 8 .) c. Calculate the MAPE for your forecast series using the values for year 2 through year 7