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Building a statistically valid model for projection

Six Sigma – iSixSigma Forums Old Forums General Building a statistically valid model for projection

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  • #38929

    rachna
    Participant

    How do we build a model for projection for an industry based on the results of data accumulated from a finite and representative sample of companies from the same industy.  Any research work/reference that could provide us with some suggestions??

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    #117245

    Thaly
    Member

    I’m afraid your question is a very generalized one.
    If you want to do some forecasting, you could use some time series models. Or if you want to build a model that could predict an outcome based on the input variables there are a number of tools to do that. Regression is one, Neural networks is another, decision trees could be built. The model you need to choose depends on whether your data is continous, oridnate, categorical etc..ofcourse, my answer is very general but thats all I could glean from your statment.
    Try running searches on Data Mining. I assume you are a student and so you will have access to some data mining tools. Or if you think regression is fine, you could use Minitab.
    Hope this helps.

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