provide replies to below discussion each in 150 words.
anto-Regression analysis and its associated variables can be used for a wide range of business practices in industry. With the right formula, an analyst can utilize this tool in many ways. One way is to enhance the business process. An example of this would be a real-estate business using regression analysis to see what houses are being bought and what parts of the state or country these people are purchasing from. Another example would be a company seeing temperature used in an oven and the shelf life of food. In each of these examples, this type of analysis greatly helps business owners to make informed decision making.
What business leaders and managers need to use this for is to also strengthen any missing gaps in information on business planning and policy. With such relationships being able to be viewed, it allows a business owner to make larger profits and a higher number of competitive edges in the market. Of course, regression analysis still needs to be adjusted for a residual error rate and any other inaccurate measures performed during regression analysis.
michael-Regression analysis is critical in a business situation. Our author says â€œbusinesses and governments can use linear regression models to predict demand for goods and servicesâ€ (EMC Education Services, 2015). I do think businesses should use statistical analysis to determine the right mix of components that affect sales performance. Regression analysis can help a business determine what to market, where to market and who to market to with the intention of increasing sales performance.
Cell phone manufacturers, such as Apple, have used statistical analysis to boost sales. Historically, cellphones were purchases as they were needed. Apple found that by financing their iPhones over the period of a year or two, customers would willing to send their old phones back to Apple and receive the latest model without affecting their monthly payment. This, in turn, increased iPhone sales for Apple.
â€œRegression analysis refers to a method of mathematically sorting out which variables may have an impactâ€ (Teeboom, 2019). Statisticians often will show interest in multiple variables and regression analysis allows for analysis of the differences between those two variables. Depending on what type of research is taking place regression analysis can help determine which variables can be ignored, which variables are most important and how all of those variables interact with one another.
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