Need help with statistics regression

Statistics
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Regression is a commonly used technique in business. What is the purpose of regression? Provide two examples of situations in business where regression may be useful

Nov 20th, 2015

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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


 

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Nov 20th, 2015

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