Sales at a Store Are Currently $450,000 Per Year

question 2

Essay

Sales at a store are currently $450,000 per year. If sales are predicted to increase by 5% per year, forecast sales for each of the next 4 years.

---

Definitions:

Observations

In statistics, these are the individual data points or measured values gathered during a study or experiment.

Central Location

A central location refers to a primary or focal point in geography or spatial distribution, often used in market research for data collection.

Histogram

A graphical representation of the distribution of numerical data, typically showing the number of data points that fall within range bins.

Positively Skewed

A description of a distribution of data that is stretched or pulled out towards higher values, with a longer right tail.