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?
A)qualitative data about the department's sales force
B)qualitative data about your marketing environment
C)quantitative data about your company's historical sales
D)qualitative data about your company's historical sales and U.S. economic performance statistics
E)quantitative data about your company's historical sales and U.S. economic performance statistics

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?​
A)​qualitative data about the department's sales force
B)​qualitative data about your marketing environment
C)​quantitative data about your company's historical sales
D)​qualitative data about your company's historical sales and U.S. economic performance statistics
E)​quantitative data about your company's historical sales and U.S. economic performance statistics

Quizplus · Accepted Answer

In order to enhance the accuracy of the model's forecasts, one would need quantitative data about the company's historical sales and U.S. economic performance statistics. This would enable a regression model to identify trends and patterns that could be used to predict future sales based on changes in the economy. Qualitative data about the sales force and marketing environment can be useful for other purposes, but they would not have as direct an impact on the accuracy of the sales forecasting model.

You Are Working with the Data Scientist from Your Sales