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Critical Thinking Three Salvatore ’ s Chapter 6 : Discussion Questions : 1 , 7 , and 15 .

Problems : 7 and appendix problems 1 and 3 ( pp . 256 – 257 ).

Salvatore ’ s Chapter 7 : Discussion Questions : 3 , 11 , and 12 . Problems : 4 , 12 , and 13 . Discussion Question 1 :

a ) What is forecasting ? Why is it so important in the management of business firms and other enterprises ?

b ) What are the different types of forecasting ?

c ) How can the firm determine the most suitable forecasting method to use ?

Discussion Question 7 : a ) Which type of smoothing technique is generally better ?

b ) How do we determine which of two smoothing techniques is better ?

c ) How can we forecast the values of a time series that contains a secular trend as well as strong seasonal and random variations ?

Discussion Question 15 : Explain why it is still useful to pursue forecasting even though it is often off the market by wide margins