What effect does the value of the smoothing constant have, Basic Statistics

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What effect does the value of the smoothing constant have

Question: 1. What effect does the value of the smoothing constant have on the weight given to the past forecast and the past observed value?

2. Briefly describe the Delphi technique.

3. What is MAPE, and why is it important in the selection and use of forecasting models?

4. Describe how you can use charts to determine whether a forecasting model is valid.

5. What is a correlation coefficient? Why is it useful?

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Basic Statistics: What effect does the value of the smoothing constant have

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