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1. Does a moving average forecast become more or less responsive to changes in a data series when more data points are included in the average? 2. If a forecast is too high when compared to an actual outcome, will that forecast error be positive or negative? 3. Are quantitative forecasting models generally used for shorter-term or longer-term decision making when compared to qualitative approaches? 4. The South Florida Water Management District (SFWMD) must develop a linear regression model that can be used to estimate the fresh water needs of various com- munities. SFWMD has collected data on 50 communities, noting each community’s population and total annual fresh water consumption. Using this data, you have calculated the following regression equation: Y = 200.12 + 24.9X

Does a moving average forecast become more or less responsive to changes in a data series when more data points are included in the average?
Correct Answer:- Less responsive to the changes as More data points reduce a moving average forecast’s responsiveness.
If a forecast is too high when compared to an actual outcome, will that forecast error be positive or negative?’
Correct Answer:- Negative as Forecast error = Actual value- Forecast value
Are quantitative forecasting models generally used for shorter-term or longer-term decision making when compared to qualitative approaches?
Correct Answer:- Quantitative forecasting methods are more precise for the short term decision making.
 
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