Examples of variables related to dollar sales
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One of the most common uses of C and R is in the marketing department. Specifically, it is used to do alot of sales forecasting. In the business world, sales is sales of products or services and in health care, sales would probably be considered patient services.
A more common independent variable often used is Advertising $ vs. the dependent variable of sales dollars. A company looks at all the various advertising money it spent in the past, and develops a correlation of how sales were affected by the varying amounts of ads. Then, it finds the regression equation, and tries to predict its sales based on future plans for advertising dollars.
What other variable do you think could be good variables in trying to find a relationship with sales dollars? In the health care world, what are variables that could influence patient services...or other services/products that a healthcare facility would consider as sales? They have to be quantifiable variables. Give examples where you can....
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Solution Summary
Variables that are be good variables in trying to find a relationship with sales dollars. Examples of variables in health care that are related to dollar sales.
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1. With concept of call centers and telemarketing, the company could be interested in numbers calls made and number of sales made through them. Independent variable is number of telephone calls made. Dependent ...
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