Scenario: You are consultant for the Excellent Consulting Group. Your client wants to be able to forecast sales on a monthly basis and believes that there is a valid relationship between sales and the number of hits on their website during the previous month. To test this theory, the client has collected data on sales of one of its products, a lottery app for smart phones and hits on its website.
Using Excel and linear regression analyze the data and determine how to do forecasting using website hits.
Then forecast the next three months using the monthly hits data. Compare the forecast to the actual sales and determine the forecasting error. Actual sales data (Jan 402, Feb 380, Mar 379 and Apr 405)
Then write a report to your boss and the client that briefly describes the results that you obtained. Make a recommendation on how this might be used for forecasting purposes.
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