Question

Explain how probability can be used to help a sales person forecast future sales.

Answer 1

Answer with explanation:

A salesperson can use probability to get an idea of his business as using probability he can estimate his sale of the next month as well, based on the present and previous months sales.

It can help him sort issues or errors he is facing in his business as he will get a complete idea of his business using probability.

Moreover, he can forecast future sales by using a technique which involves assigning percentages or weighting benchmarks in sales cycle, so that he can estimate the expected revenue generated.

For example:

A supermarket sales person can assign probabilities to benchmarks in sale cycle as providing needs analysis (25 % probability), adding new product (50%Probability) , Remove a product ( 75 % probability), closing sale (100% Probability) . If these probabilities are large, then forecast model can be objective.

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So just like that by assigning probabilities to benchmarks, a sales person can forecast future sales

Answer 2

Answer:

Probability can be used to help a sales person forecast future sales best my showing the likelihood of a certain event occurring. The sales person can then plan around the events that are deemed to be the most likely to occur.

Explanation:

100%Attempt 1 Complete