"Forecasting Models" Please respond to the following:
- Describe how a domestic fast food chain with plans for expanding into China would be able to use a forecasting model.
- What is the difference between a causal model and a time- series model? Give an example of when each would be used.
- What are some of the problems and drawbacks of the moving average forecasting model?
- How do you determine how many observations to average in a moving average model?
- How do you determine the weightings to use in a weighted moving average model?
Choose one of the forecasting methods and explain the rationale behind using it in real-life.