Write a short response to each of the following assertions:
a. Forecasts are always wrong, so why place any emphasis on demand planning?
b. A good forecasting process is too expensive. c. All we need to do is hire a “quantitative type” to do our forecasting.
1. What is autocorrelation?
2. What does an autocorrelation coefficient measure?
3. Describe how correlograms are used to analyze autocorrelations for various lags of a time series