I’m studying and need help with a Statistics question to help me learn.
Discuss an example of business decision-making situation with which you are familiar for which you believe using one of the forecasting methods you have explored that would potentially improve the rigor and quality of the decision-making process. You will be expected to select a situation for which the decision-making process is complex and involves important outcomes. Your text posting will be expected to address each of the following matters, at a minimum:
- Describe the situation in detail, including describing the importance and potential consequences of the decision(s) being made.
- Describe in detail the data that would be necessary for the proposed forecasting technique, including discussing the availability and potential source(s) for the necessary data.
- Describe in detail how you envision the proposed forecasting technique would potentially improve the decision-making process.
- Describe in detail any potential challenges or impediments that you foresee to using the proposed forecasting technique in the described situation, including discussing any anticipated trend or seasonality patterns that might be present in the data.
- Your discussion in text should have at least 300 words
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