**Must be a clear and logical response in 150 to 200 words to the following questions/prompts,...

**Must be a clear and logical response in 150 to 200 words to the following questions/prompts, providing specific examples to support your answers. Type answers.**

Which of the statistical techniques have the most usefulness for a business of interest or the job that you are currently in? What is the technique and why is it useful to the business or job?

Expert Solution

Regression analysis is mostly used technique in business for forecasting, estimation,

prediction etc.

Regression analysis is a form of predictive modelling technique which investigates the relationship between a dependent (target) and independent variable (s) (predictor). This technique is used for forecasting, time series modelling and finding the casual effect relationship between the variables.

For example,

Relationship between rash driving and number of road accidents by a driver is best studied through regression

For example Suppose you’re a sales manager trying to predict sales of product on the basis of Expenditure on Advertisement. So in that case the sales is Dependent Variable And Expenditure on Advertisement is independent variable. Its means that you may find that the as the expenditure on advertisement is increases the sales of product is also increases

milcah answered 1 year ago

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