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Statistics forecasting with dependent and independent variables

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You have just purchased a small retail shop. You are preparing to order greeting cards. Past sales have been tracked by price point; day of the week; week of the year; and sex, age and zip code of the purchaser. There are definite differences in purchasing patterns for certain holidays. You have data for the past 24 months. What steps might you take to forecast the demand by quarter for the next 12 months?
- Identify the independent and dependent variables
- Identify the forecasting method you would use
- Explain why that is the appropriate tool
- Identify the required calculations (by function, if appropriate).

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Question: You have just purchased a small retail shop. You are preparing to order greeting cards. Past sales have been tracked by price point; day of the week; week of the year; and sex, age and zip code of the purchaser. There are definite differences in purchasing patterns for certain holidays. You have data for the past 24 months. What steps might you take to forecast the demand by quarter for the next 12 months?
• Identify the independent and dependent variables
• Identify the forecasting method you would use
• Explain why that is the appropriate tool
• Identify the required calculations (by function, if appropriate)

Solution:
The independent variables are price point, day of ...

Solution Summary

The solution discusses statistics forecasting with dependent and independent variables.

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