Homogeneity of data

The ability to accurately predict the future is fundamental to many decision activities in finance, marketing, production, personnel and many other business functional areas.

Homogeneity of data is one of the factors that systematically influence predictability of the future. This refers to generating information about the future based on data collected about the past.

The larger the number of items involved, the more accurate of the forecasts. Because of the statistical law of large numbers, the size of forecasting errors decreases as the number do times being forecast increases and vice versa.

Improved marketing, sales, customer service, reduction in attrition, fraud and improved satisfaction for customers and staff members ca result for fine tuning business using information or data mining from homogenous data.

Some agencies gather and make available data relative to sales, market share and future trend predictions for specific business industries, as well as economic and financial indicators.

Other agencies provide data market surveys and consumers opinions collected though questionnaires.
Homogeneity of data