As it turned out, the task of generation a statistical model was not as simple as Jennifer Harrah had anticipated. The product was brand new for Global Foods, so there was no historical information that the company could provide for use as time series data in the regression analysis.
She could have generated cross-sectional data by conducting a telephone survey, but there simply was not enough time. She was not able to find public information on time series data from the government for such items as fruit juices, soft, drinks, and beer, but these were aggregated by product type, and no other information besides average price was available.
As it turned out, the task of generation a statistical model was not as simple as Jennifer Harrah had anticipated. The product was brand new for Global Foods, so there was no historical information that the company could provide for use as time series data in the regression analysis.She could have generated cross-sectional data by conducting a telephone survey, but there simply was not enough time. She was not able to find public information on time series data from the government for such items as fruit juices, soft, drinks, and beer, but these were aggregated by product type, and no other information besides average price was available.
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