You are working with the data scientist from your Sales Department to develop a regression model for forecasting your company's sales based on changes in the U.S. economy.Which of the following types of data do you need the most in order to enhance the accuracy of the model's forecasts?

Question

​You are working with the data scientist from your Sales Department to develop a regression model for forecasting your company's sales based on changes in the U.S. economy.Which of the following types of data do you need the most in order to enhance the accuracy of the model's forecasts?

Quizplus · Accepted Answer

In order to develop an accurate regression model for forecasting sales based on changes in the U.S. economy, quantitative data about your company's historical sales and U.S. economic performance statistics is most important. This will provide a baseline understanding of the relationship between sales and economic factors, which can then be used to create predictive models. Qualitative data about the company's sales force or marketing environment may be useful in other contexts, but is not directly relevant to forecasting sales based on economic changes.

​You Are Working with the Data Scientist from Your Sales

You Are Working with the Data Scientist from Your Sales