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Researches Advanced Analysis

Modeling

By definition, statistical Modeling is the identification of relationships between variables in the form of mathematical equations. In terms of continuous data collection, it is possible to use an abundance of data collected for additional analysis of market and social trends.
Modeling can include the interrelationship of data collected from other external sources of relevant data and for example, it can be detected proper interrelationship between consumption and daily temperature, rate of inflation, the level of advertising activity, current prices and the rate of retail price, the size of the consumer basket, etc .

There are 3 basic use of statistical Modeling:

  1. DESCRIPTION
    For example when one wishes to determine the relationship between the increase in the cost of retail and purchasing a product
  2. PREDICTION
    For example when it can be concluded based on observed phenomena about other phenomena that cannot be directly observed
  3. ANTICIPATION
    For example when it is possible to determine the effects of interventions

 

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