This article uses statistical techniques to conduct sales forecasting in a business. Sales forecasting predicts future level of sales from past sales data.
Posts tagged as “median”
Dispersion shows how widely the data are spread. Dispersion measures the spread of dataset and shows data distribution into different intervals.
Frequency shows how often the data occurred. Frequency measures the numbers of times that the event occurred in an experiment or a study.
Average shows the center point of the data. Averages show what is in the center area of a dataset; hence measure central tendency.
Statistical analysis can help business managers to make better decisions as the risks are reduced to make choices based on factual results.
To make realistic and accurate sales forecasts, managers can use several quantitative methods of sales forecasting.