Posted: September 16th, 2017

•Describe the business benefits of parameter estimation.

You are a marketing analyst in a large grocery store chain. Your job entails developing a robust customer knowledge base utilizing the company’s vast database of in-store purchases. To date, you have been able to build a profile of your customer base, draw inferences about different customer groupings, and compare customer behaviors across the different sales regions. Your task is to: •Describe the business benefits of parameter estimation. Provide examples of the type of parameters that might be of interest to decision makers in areas such as marketing.