In your own words, discuss what forecast error represents.  Why is it important to measure?

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1. In your own words, discuss what forecast error represents.  Why is it important to measure?
2. In the time-series forecast methods, explain the advantages and disadvantages of simple moving averages, weighted moving averages, and exponential smoothing.  In your discussion, identify which situation(s) is best for one method and why.
3. For exponential smoothing , in what situation would you use a high alpha?  Or a low alpha?
4. In forecasting, why is it important to be able to detect trends? Or consider seasonal patterns?