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Business Statistics: New Product Expansion

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WidgeCorp is considering branching out into hot beverages. You have been asked to come up with a regression model to forecast monthly sales of hot beverages for the next year. Think about what variables you might include in your model.

Your manager asks for your thoughts.

Respond to anybody who asks you to explain your variable selection.

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Solution Summary

This solution discusses what variables you would include in a model about a company branching out into a new product.

Solution Preview

Average monthly temperate: people are likely to buy more hot drinks when it is cold.

A number of specialty drinks offered in a month: some companies have specialty items ...

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