Provide some examples of model building in your area of business specialization. How well are these formed? Are they used effectively?
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I am a marketing professional in the video game industry and we use regression models to forecast and predict the sales of a new game. Basically, the regression model looks something like this
Sales for new game = Constant #1 * Variable #1 + Constant #2 * Variable #2 + Constant #3 * Variable #3 + .....
Some of the variables in our model include things like:
(1) The predicted critic rating for the game from major game ...
The solution provides examples of model building in the experts area of business specialization. How these are formed and if they are effective are analyzed.