Q.12 Align the example with the modeling type they represent-Predict the number of widgets sold next week1. Classification2. Anomaly detection3. Regression4. Time series forecasting

Q.11 Align the example with the modeling type they represent-Predict the salary offered for a certain job1. Classification2. Anomaly detection3. Regression4. Time series forecasting

Types of forecasting methodologiesConsider a scenario of a retailer. The retailer has the following two lines of product:The first line of product (product line 1) comprises regular grocery items. The revenue from the first product line makes up 80% of the retailer’s overall revenue.The second line of product (product line 2) consists of special items such as branded mobile phones, laptops, cosmetic kits, television sets and bicycles. These special products are not always available in the retail store. The retailer ties up with international manufacturers of special items once in a week or two to bring these special products to stores at a heavily discounted price. The retailer always tries to surprise its customers by bringing in a different category of special products.Now, there are two teams working to forecast the customer demands for the two product lines. Team 1 works for product line 1, and team 2 works for product line 2. You have learnt about the two types of forecasting methodologies, i.e., quantitative and qualitative. Based on your learnings, answer the following question.Which type of forecasting method is more suitable for the products comprising product line 1?QualitativeQuantitative

Outline the elements of forecasting

A newspaper vendor in Singapore is trying to predict how many copies of The Straits Timesthey will sell. The vendor forms a model to predict the number of copies sold each weekday.According to this model, they expect the same number of copies will be sold each day.To test the model, they record the number of copies sold each weekday during a particular week.This data is shown in the table.Day Monday Tuesday Wednesday Thursday FridayNumber of copies sold 74 97 91 86 112A goodness of fit test at the 5 % significance level is used on this data to determine whetherthe vendor’s model is suitable. The critical value for the test is 9.49.(a) Find an estimate for how many copies the vendor expects to sell each day. [1](b) (i) State the null and alternative hypotheses for this test

Types of forecasting methodologiesConsider the same scenario of a retailer given in the previous question.Which type of forecasting method is more suitable for the products comprising product line 2?QualitativeQuantitative