Improved Decision-Making: With more accurate data and clear indications of potential error, traders can make better-informed decisions. Whether negotiating prices, or assessing market trends, users can rely on data that reflects a realistic range of possibilities.
Risk Mitigation: By understanding the degree of error and the range within which actual values might fall, users can better anticipate market movements and mitigate risks associated with price and volume volatility.
Enhanced Trust and Transparency: Providing insights into data reliability fosters greater trust and transparency. Users gain confidence in the reported values and the methodologies used to derive them.
Strategic Planning: Businesses can use the error estimates and predicted ranges to develop more robust strategic plans. This includes everything from budget forecasting to supply chain management, ensuring that plans are grounded in a comprehensive understanding of market variability.
Application to Export and Import Data: The tool calculates error estimates for both export and import data by analyzing historical discrepancies in reported values. By examining the historical patterns in export and import data separately, the tool can provide specific insights tailored to the unique characteristics of each dataset.