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About How To Predict Sales Using Markov Chain - Supply Chain Link Blog - Arkieva
Markov chains can be used to predict sales by modeling the probability of a sale occurring on a given day based on whether a sale occurred on the previous day. The document provides an example using sales history data from a company selling raw materials to a customer. It establishes a Markov chain with two states (sale/no sale), calculates the transition probabilities between states over a week of data, and demonstrates how to predict the state on the next day. Markov chains allow sales teams to potentially improve customer relationships and responsiveness by predicting when customers may place orders.
Detailed Information
| Author: | ['fpttmm'] |
|---|---|
| Publication Year: | 2020 |
| Pages: | 3 |
| Language: | English |
| Format: | |
| Price: | FREE |
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