Statistical methods

Paper Summary:

The paper discusses the two statistical analysis forecast methods. The paper explains how they can both be used to trend market areas, one on a broad basis, while the other can be extremely detailed and therefore, more accurate.

From the Paper:

"Although there are many approaches to determining accurate forecasting there is one approach, which can be used when little data is available on a local level. This approach is known as the "build up" method and when applied is used to gain basic market information (i.e. market population, product market share and product demand percentage). This data is used to determine market size potential within a given area and is based on the entire market, not segments (Barnett, 1988, p. 28). In addition to this the "build up" method does not take into consideration the initial goals of the company but takes into consideration market conditions only. An example of build up forecasting would show total consumer sales on automobiles across the nation."

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