Predicting a New Store: Point Forecast & Prediction Interval
This lesson is part of the course
In this lesson
You forecast monthly sales for two planned stores, put a 95% prediction interval around each forecast and see why the interval widens away from the average store, and why it is wider than a confidence interval for the mean.
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Lessons in this course
- Scatter Plots & Correlation: Is There a Linear Relationship? Locked
- Simple Linear Regression by Hand: Least Squares, R² & Standard Error Locked
- Is the Slope Real? t Statistic, p-Value & Confidence Interval Locked
- Predicting a New Store: Point Forecast & Prediction Interval Locked
- Multiple Regression with LINEST: Three Drivers at Once Locked
- Dummy Variables: Regions and Seasons in a Regression Locked
- Residual Analysis: Residual Plot, Standardised Residuals & Outliers Locked
- Log Models & Elasticity, plus Two Classic Pitfalls Locked