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It tries to find a relationship and investigate between two variables on which is dependent and the other one is dependent
I may be used in business to evaluate trends and sales estimates
For example, if a company's sales have increased steadily every month for the past few years, conducting a linear analysis on the sales data with monthly sales on the y-axis and time on the x-axis would produce a line that that depicts the upward trend in sales. This helps the company to know the sales in future
it may be used in analysing price changes
if a company keeps changing the price on a certain product several times, it can record the quantity it sells for each price level and then perform a linear regression with quantity sold as the dependent variable and price as the independent variable Thus able to determine in future how they will change the pricing
Please let me know if you need any clarification. I'm always happy to answer your questions.
Nov 20th, 2015
Oct 26th, 2016
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