Regression

Anonymous
timer Asked: Oct 31st, 2013

Question description

Regression is one of the most widely used statistical techniques. In business, it is often used within the realm of what is known as predictive                analytics—estimating the use of statistical techniques to estimate the likelihood or magnitude of future outcomes of interest. However, regression is also an                 explanatory tool because the regression model explains the variability in dependent variables with the help of one or more independent variables.                

                    From the marketing management perspective, discuss regression as an explanatory and a predictive tool. What are the major differences between an explanatory                    and a predictive tool? In terms of the goodness of fit, what is the most important indicator of regression as an explanatory tool and as a predictive                    tool?


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