December 2021
Beginner to intermediate
1168 pages
30h 17m
English
book
Microsoft Excel Data Analysis and Business Modeling (Office 2021 and Microsoft 365), 7th Edition
by Wayne Winston
Content preview from Microsoft Excel Data Analysis and Business Modeling (Office 2021 and Microsoft 365), 7th Edition
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Chapter 63
Making probability statements from forecasts
Questions answered in this chapter:
On what basis do we evaluate forecasts?
If a drug company forecasts that it will sell 60 million units of a drug next year, what is the chance that it will sell more than 65 million units of that drug next year?
Every day, we are inundated by forecasts. Here are some examples:
The government predicts the GNP will grow by 4 percent during the next year.
The Eli Lilly and Company marketing department predicts that during the next year, demand for a given drug will be 400,000,000 DOT (days of therapy).
A Wall Street guru predicts the Dow Jones Industrial Average Index will go up 20 percent during the next 12 months.
The bookmakers forecast that the Indiana ...
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O’Reilly covers everything we've got, with content to help us build a world-class technology community, upgrade the capabilities and competencies of our teams, and improve overall team performance as well as their engagement.Julian F.
I wanted to learn C and C++, but it didn't click for me until I picked up an O'Reilly book. When I went on the O’Reilly platform, I was astonished to find all the books there, plus live events and sandboxes so you could play around with the technology.Addison B.
I’ve been on the O’Reilly platform for more than eight years. I use a couple of learning platforms, but I'm on O'Reilly more than anybody else. When you're there, you start learning. I'm never disappointed.Amir M.
I'm always learning. So when I got on to O'Reilly, I was like a kid in a candy store. There are playlists. There are answers. There's on-demand training. It's worth its weight in gold, in terms of what it allows me to do.