Need help with statistics regression

Statistics
Tutor: None Selected Time limit: 1 Day

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

Thank you for the opportunity to help you with your question!


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

Are you studying on the go? Check out our FREE app and post questions on the fly!
Download on the
App Store
...
Nov 20th, 2015
...
Nov 20th, 2015
Dec 4th, 2016
check_circle
Mark as Final Answer
check_circle
Unmark as Final Answer
check_circle
Final Answer

Secure Information

Content will be erased after question is completed.

check_circle
Final Answer