Mixing
calculating Probability and prediction.
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I am trying to calculate the probability for admission to a restaurant, in foot forward to have a rough idea to predict how many admissions would be there in 5 years from now.
The question is: is 18 months of historical data enough to calculate it?
E.g: on an average 2000 people visited cafeA in last 18 month
and 3000 visited cafeB in last 18 months
Kindly help.
probability conditional-probability
asked Jan 15 at 13:45
SatchitanandSatchitanand
1
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add a comment |
$begingroup$
I am trying to calculate the probability for admission to a restaurant, in foot forward to have a rough idea to predict how many admissions would be there in 5 years from now.
The question is: is 18 months of historical data enough to calculate it?
E.g: on an average 2000 people visited cafeA in last 18 month
and 3000 visited cafeB in last 18 months
Kindly help.
probability conditional-probability
asked Jan 15 at 13:45
SatchitanandSatchitanand
1
$endgroup$
$begingroup$
This is not clear. What data do you have and what, exactly, is it you are trying to predict? Note: predicting future business events on past performance can be fairly hopeless. Things change. Competition comes and goes, consumer interest changes. If you have high equipment costs, long range amortization becomes a problem. And so on.
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– lulu
Jan 15 at 14:28
$begingroup$
Okay. Thank you for the comment : )
$endgroup$
– Satchitanand
Jan 16 at 9:33
add a comment |
$begingroup$
I am trying to calculate the probability for admission to a restaurant, in foot forward to have a rough idea to predict how many admissions would be there in 5 years from now.
The question is: is 18 months of historical data enough to calculate it?
E.g: on an average 2000 people visited cafeA in last 18 month
and 3000 visited cafeB in last 18 months
Kindly help.
probability conditional-probability
asked Jan 15 at 13:45
SatchitanandSatchitanand
1
$endgroup$
I am trying to calculate the probability for admission to a restaurant, in foot forward to have a rough idea to predict how many admissions would be there in 5 years from now.
The question is: is 18 months of historical data enough to calculate it?
E.g: on an average 2000 people visited cafeA in last 18 month
and 3000 visited cafeB in last 18 months
Kindly help.
probability conditional-probability
probability conditional-probability
asked Jan 15 at 13:45
SatchitanandSatchitanand
1
asked Jan 15 at 13:45
SatchitanandSatchitanand
1
asked Jan 15 at 13:45
SatchitanandSatchitanand
1
asked Jan 15 at 13:45
SatchitanandSatchitanand
1
asked Jan 15 at 13:45
SatchitanandSatchitanand
1
1
$begingroup$
This is not clear. What data do you have and what, exactly, is it you are trying to predict? Note: predicting future business events on past performance can be fairly hopeless. Things change. Competition comes and goes, consumer interest changes. If you have high equipment costs, long range amortization becomes a problem. And so on.
$endgroup$
– lulu
Jan 15 at 14:28
$begingroup$
Okay. Thank you for the comment : )
$endgroup$
– Satchitanand
Jan 16 at 9:33
add a comment |
$begingroup$
This is not clear. What data do you have and what, exactly, is it you are trying to predict? Note: predicting future business events on past performance can be fairly hopeless. Things change. Competition comes and goes, consumer interest changes. If you have high equipment costs, long range amortization becomes a problem. And so on.
$endgroup$
– lulu
Jan 15 at 14:28
$begingroup$
Okay. Thank you for the comment : )
$endgroup$
– Satchitanand
Jan 16 at 9:33
$begingroup$
This is not clear. What data do you have and what, exactly, is it you are trying to predict? Note: predicting future business events on past performance can be fairly hopeless. Things change. Competition comes and goes, consumer interest changes. If you have high equipment costs, long range amortization becomes a problem. And so on.
$endgroup$
– lulu
Jan 15 at 14:28
$begingroup$
This is not clear. What data do you have and what, exactly, is it you are trying to predict? Note: predicting future business events on past performance can be fairly hopeless. Things change. Competition comes and goes, consumer interest changes. If you have high equipment costs, long range amortization becomes a problem. And so on.
$endgroup$
– lulu
Jan 15 at 14:28
$begingroup$
Okay. Thank you for the comment : )
$endgroup$
– Satchitanand
Jan 16 at 9:33
$begingroup$
Okay. Thank you for the comment : )
$endgroup$
– Satchitanand
Jan 16 at 9:33
add a comment |
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$begingroup$
This is not clear. What data do you have and what, exactly, is it you are trying to predict? Note: predicting future business events on past performance can be fairly hopeless. Things change. Competition comes and goes, consumer interest changes. If you have high equipment costs, long range amortization becomes a problem. And so on.
$endgroup$
– lulu
Jan 15 at 14:28
$begingroup$
Okay. Thank you for the comment : )
$endgroup$
– Satchitanand
Jan 16 at 9:33