interpretation data

Question 1

what is extrapolation

Answer 1

using historical data to make predictions about future sales

Question 2

when can you use extrapolation

Answer 2

in fairly stable markets as it relies on past trends staying true and consistent

Question 3

what is a downside to extrapolation

Answer 3

is not useful if there is a sudden unexpected event (for example Covid19)

Question 4

what is confidence levels

Answer 4

indicated how sure you are that the value for population will lie within