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What variables do we need to consider when selecting a forecasting technique? For example if we...

What variables do we need to consider when selecting a forecasting technique? For example if we want to predict condo sales next year, and that is almost impossible which variables would you take in consideration.

Math   Statistics-And-Probability   
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Answer #1

ANSWER::

We have to consider beneath factors while choosing a gauging system:

1. Precision: How much exact do you need your conjecture to be?

2. Time: How much time do you need to run the estimate?

3. Worth: what is the estimation of the conjecture for your business ?

4. Data: what amount of data do you requirement for the figure and by what method will you produce that data?

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