Grand Canyon University Forecasting Model Discussion
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Gas sales show an increasing positive tendency over the time under consideration, as well as a distinct seasonal pattern that repeats year after year. It appears that seasonality has become more evident in recent years than it had been in previous years. Your manager has requested that you create a forecasting model that will determine gas sales over the next 5 years. What are some problems that could occur with extending the forecast horizon out that far? How would this affect your confidence in the forecasted values for a year? Five years? Explain.