E. Forecasting

E.1. Introduction

From the book Alice’s Adventures in Wonderland, there is an exchange between the Cheshire Cat and Alice. Alice asks, “Would you tell me, please, which way I ought to walk from here?” “That depends a good deal on where you want to get to,” said the Cat. “I don’t much care where.” said Alice. “Then it doesn’t matter which way you walk,” said the Cat.

Business analytics (BA) help managers learn of opportunities and solutions to problems. Making BA work requires predicting the future, or at least trends into the future. Statistical and quantitative methodologies can be used to explore and aid in understanding basic relationships within data sets. These methods are at the heart of the second step in the BA process: ...

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