Question: 5 . A business is using a model to forecast future sales. The forecasting involves various inputs measuring customer behaviour, and these inputs are known
A business is using a model to forecast future sales. The forecasting involves various inputs measuring customer behaviour, and these inputs are known to be subject to variation. Which type of model would be most appropriate for capturing this forecast?
A Deterministic Model
B Stochastic Model
C Both models are equally appropriate
D Neither model is suitable for forecasting sales
Step by Step Solution
There are 3 Steps involved in it
1 Expert Approved Answer
Step: 1 Unlock
Question Has Been Solved by an Expert!
Get step-by-step solutions from verified subject matter experts
Step: 2 Unlock
Step: 3 Unlock
