A realtor is trying to predict the value of a home. He has quantitative data available and has evidence that the home price has a strong relationship to the square footage of the home. The best choice for a forecasting model is.

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25-10-2022
Business

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A realtor is trying to predict the value of a home. He has quantitative data available and has evidence that the home price has a strong relationship to the square footage of the home. The best choice for a forecasting model is.

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abhinavjh321 abhinavjh321 · Answer 1 · 2022-10-28T06:44:52-04:00

A realtor tries to estimate a home's value. He has quantitative data and proof that there is a significant correlation between home price and square footage. The best option for a forecasting model is linear regression.

Making predictions based on historical and current data is the process of forecasting. These might then be evaluated in light of what transpires. An organization can, for instance, forecast its revenue for the following year and then contrast that projection with the actual outcomes. An equivalent but more comprehensive phrase is prediction. The term "forecasting" can be used to describe a variety of formal statistical techniques that use time series, cross-sectional data, or longitudinal data, as well as less formal ways of judgment or the prediction and problem-solving process itself.

Application fields can use the terminology differently; for instance, in hydrology, "prediction" is used for more broad predictions such as the frequency of floods whereas "forecast" and "forecasting" are sometimes reserved for estimations of values at specified precise future dates.

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