Predicting Automobile Prices Using Neural Networks

Case Solution

Rasha Kashef, Boya Zhang, Ahmed Ibrahim
Ivey Publishing ()

The marketing director (CMO) of an automotive agency examined a list of car model features received from the manufacturer. He was supposed to provide dealers with recommended retail prices for the manufacturer’s cars the following week and had to decide on base prices. The CMO asked a data scientist at the research lab to forecast prices based on data from previous car models. Each car model had different characteristics that could affect the price. The data scientist decided to use feedforward neural networks as a tool to predict the price of new models. After comparing different prediction models, I also wanted to know which prediction model is suitable for automotive plants.

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