9 Quantitative Forecasts

Question 1

Define quantitative sales forecasting

Answer 1

techniques such as time series analysis involves making future predictions based on trends identified from past data

Question 2

Define sales forecast

Answer 2

used to identify trends in product sales which can then be compared with the market as a whole.

Question 3

Define moving averages

Answer 3

smoothes raw data and allows analysts to spot patterns even when sales are subject to seasonal variations.

Question 4

Define extrapolation

Answer 4

the prediction of future sales from past data.

Question 5

Define correlation

Answer 5

when there is a link between two variables.

Question 6

Define postive correlation

Answer 6

as one variable increases the other increases

Question 7

Define negative correlation

Answer 7

as one variable increases the other decreases

Question 8

Define time series analysis

Answer 8

a method that allows a business to predict future levels from past figures.

Question 9

Define correlation coefficient

Answer 9

a measure of the extent of the relationship between two sets of variables.

Question 10

Define scatter graphs

Answer 10

graphs showing the performance of one variable against another variable on a variety of occasions.