Solution-Describe the five steps of forecasting in the

Describe the five steps of forecasting in the context

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Reference no: EM132617592

A large car fleet company asked us to help them forecast vehicle re-sale values. They purchase new vehicles, lease them out for three years, and then sell them. Better forecasts of vehicle sales values would mean better control of profits; understanding what affects resale values may allow leasing and sales policies to be developed in order to maximize profits.

At the time, the resale values were being forecast by a group of specialists. Unfortunately, they saw any statistical model as a threat to their jobs and were uncooperative in providing information.

Nevertheless, the company provided a large amount of data on previous vehicles and their eventual resale values.

Two questions

1-List the possible predictor variables that might be useful, assuming that the relevant data is available.?

2- Describe the five steps of forecasting in the context of this project.?

Reference no: EM132617592

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Describe the five steps of forecasting in the context

Reference no: EM132617592

Reference no: EM132617592

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