QNT 275 Week 4 participation Career Connection Discussion Forecasting

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QNT 275 Week 4 participation Career Connection Discussion: Forecasting
Discuss the following:

Explain what you have learned throughout this course with probability and how you think that will affect your forecasting decisions in your current or future company.
Predict how you will use probability in your current or future company?


Thoughts on Forecasting 
A great application of Forecasting is a statistical process that enables us (as researchers) to predict a future quantity. When an organization uses historical data that tracks sales, by day, by week, by month and by Quarter, understanding the projection's "peaks and valleys" of sales productivity helps your organization determine requirements as it relates to allocating resources in order to maximize profitability. Forecasting also enables The Federal Reserve to predict Inflation Rates. 
What is another classic example of forecasting?



How to Survive a Zombie Apocalypse 



As you know by now, I really like Zombies and have been a fan of the Genre long before it became "hip" to like Zombies. Check out the following study (article) below. Grad Students from Cornell University conducted a Statistical Modeling Exercise that combines such statistical techniques as Forecasting, probability and Logistic Regression in order to determine the safest place to be and to hold out in order to survive a Zombie Outbreak.


It is a very interesting read and details how they used various statistical techniques to identify the best location if a Zombie outbreak did occur.  http://www.smithsonianmag.com/smart-news/statisticians-reveal-best-place-wait-out-zombie-apocalypse-180954426/?no-i
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