Question

taye works at a retail store that sells a variety of items, including umbrellas. taye knows that people buy umbrellas more in the summer season because of the higher frequency of storms. he has identified a formula based on past umbrella sales during the summer season. taye believes he can use this formula to predict future sales forecasts with a high degree of accuracy. this is an example of what type of sales forecast?

Answer 1

The degree of precision is a measurement of how near and correct a claimed value is to the actual, real value being conveyed, and the further discussion can be defined as follows:

• A sales forecast is a prediction of future income.
• It's used in the organization expects to sell in a given time frame after you fit a model, regression equations are an important part of the statistical output.
• It's a useful statistical tool for examining the association between two or more variables.
• It's a technique for identifying patterns in data.
• It forecast the values of a dependent variable for people that know something about the explanatory variable or assesses the effect of explanation values of the dependent.
• There are many different types in regression analysis, they always look at the effect of one or more independent variables on predictor variables.

Therefore, the final answer is "regression analysis".

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