Question 2 An insurance company uses statistical learning to perform a risk analysis on a new short-term insurance product that covers the theft of vehicles. Recall that the banking and insurance industry is highly regulated, and they need to justify why a client has higher premiums or is rejected. Is the company more likely to use a tree-based model or a neural network to model this risk process? Substantiate your answer. (You can use the statistical flow chart in the Unit 3 notes for guidance, as well as what you know of the industry).

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Forecasting

Forecasting is a methodology that uses historical data as inputs to make well-informed predictions about the course of future trends. Forecasting is the method of making forecasts based on historical and current data, most commonly by trend analysis. In the business world, forecasting is a basic statistical task. Forecasting is used by businesses to decide how to allocate their budgets or prepare for expected expenditures in the future. Forecasts help managers formulate and execute production plans by providing forecasts. The primary goal of forecasting is to make accurate predictions.