Predicting Numerical Outcomes

Afolabi Ibukun Tolulope

Chapter Chapter 6 in Data Science and Analytics for SMEs, 2022, pp 113-153 from Springer

Abstract: Abstract In this chapter, we will explore the popular techniques used for prediction, particularly in the retail business. The approach used in explaining these techniques is to use them in solving a business problem. The business problem to be addressed is the sales prediction problem which is common in the retail business. The chapter first explains the fundamental concept of prediction techniques; next, we look at how such techniques are evaluated. After this, we describe the business problem we intend to solve. We then pick each of the selected techniques one by one and explain the algorithms involved and how they can be used to solve the problem described. The prediction techniques used are the multiple linear regression, the regression trees, and the neural network. To conclude the chapter, we compare the results of the three algorithms and conclude on the problem in question. In this chapter, therefore, the analytics product offered is the sales prediction problem for small retail businesses.

Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-1-4842-8670-8_6

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DOI: 10.1007/978-1-4842-8670-8_6

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