What is the purpose of using regression analysis?
How might a regression analysis be used to formulate strategies?
Provide examples related to strategy formulation and implementation.
Regression analysis is done to predict things that might happen based upon observed data. Since the development of data from a particular population or sample of a population is typically limited in scope, we develop a trend that is regarded as a "best fit" function based upon an averaging of the data. Interpretation of the trend may ...
This solution discusses regression analysis of data. In regression analysis, data is used to determine a matching mathematical function that best approximates the data. A graphic of a "best curve" matched to data is attached.