1. As a self-study exercise, complete the self-test at the end of each chapter. Use the key at the back of the book to correct your answers. Re-study pages for any items you answer incorrectly.2. Define opportunity loss. What decision-making criteria are used with an opportunity loss table?3. Explain how a scatter diagram can be used to identify the type of regression to use.4. Describe briefly the steps used to develop a forecasting system.5. In Problem 3-22 (page 99) you are introduced to Allen Young and his need for assistance in making the best investment decision using a decision table. Now, Allen is thinking about paying for a stock market newsletter. A friend of Allen said that these types of letters could predict very accurately whether the market would be good, fair, or poor. Then, based on these predictions, Allen could make better investment decisions.a. What is the most that Allen would be willing to pay for a newsletter?b. Allen now believes that a good market will give a return of only 11% instead of 14%. Will this information change the amount that Allen would be willing to pay for the newsletter? If your answer is yes, determine the most that Allen would be willing to pay, given this new information.6. Using computer software, find the least squares regression line for the data in Problem 4-13 (page 140). Based on the F test, is there a statistically significant relationship between the first test grade and the final average in the course?7. Consider the data in problem 5-22 (page 179) describing the sales of Cool-Man air conditioners and respond to the following:a. The sales manager had predicted, before the business started, that year 1’s sales would be 410 air conditioners. Using exponential smoothing with a weight of a = 0.30, develop forecasts for years 2 through 6.b. Using smoothing constants of 0.6 and 0.9, develop forecasts for the sales of Cool- Man air conditioners.c. What effect did the smoothing constant have on the forecast for Cool-Man air conditioners? Which smoothing constant gives the more accurate forecast?8. Read Forecasting Attendance at SWU Football Games, a case study on page 182, and answer the 3 discussion questions.
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