From the course: Financial Forecasting with Analytics Essential Training
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Decide on a finance question - Microsoft Excel Tutorial
From the course: Financial Forecasting with Analytics Essential Training
Decide on a finance question
- [Instructor] Business intelligence is useful for making a wide variety of forecasts and helping businesses to be more efficient in running their operations, but not all questions can be answered by data realistically. Some questions are inherently subjective and don't require data to come up with an answer. What color is best? Where should we live? These are questions that are inherently based on subjective opinions and there's no data that we can gather that could help us to make a decision. But even when we have questions that could be answered objectively, in theory, sometimes we don't have data available or we don't have the right kind of data. We refer to this as omitted variables bias. In particular, if we think about questions on forecasting sales, for example, if we're in a totally new environment and we've never seen any environment like this before, it's very difficult to gather data. If our company has…
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