Thanks in advance
I have a problem statement at hand that requires me to predict the lead time for a supplier-material combination. the historical lead times are erratic and continuous in nature and so i could not implement time series model.
as a basic statistical solution, what can be implemented here to predict the new lead time based on historical data?
supplier material lead_time_old lead_time_new lt_update_date ABCDF COPPER 20 DAYS 23 DAYS 01/05/2021 ABCDF COPPER 30 DAYS 35 DAYS 14/07/2021 ABCDF COPPER 40 DAYS 65 DAYS 24/08/2021 ABCDF COPPER 50 DAYS 45 DAYS 04/09/2021 ABCDF COPPER 70 DAYS 35 DAYS 18/09/2021
so here with these kind of data, i need to predict for the ABCDF-COPPER combination what would be lead time in future based on historical data.
Can we apply confidence interval here by assuming some underlying distribution of data? any leads?