Linear Regression for Business Statistics
Overview of Regression
1. Modeling Developing a regression model
2. Estimation Using software to estimate the model
3. Inference Interpreting the estimated regression model
4. Prediction Making predictions about the variable of interest
Linear Regression for Business Statistics
Overview of Regression
1. Modeling Developing a regression model
2. Estimation Using software to estimate the model
3. Inference Interpreting the estimated regression model
4. Prediction Making predictions about the variable of interest
Linear Regression for Business Statistics
Overview of Regression
1. Modeling Developing a regression model
2. Estimation Using software to estimate the model
3. Inference Interpreting the estimated regression model
4. Prediction Making predictions about the variable of interest
Linear Regression for Business Statistics
Overview of Regression
1. Modeling Developing a regression model
2. Estimation Using software to estimate the model
3. Inference Interpreting the estimated regression model
4. Prediction Making predictions about the variable of interest
Linear Regression for Business Statistics
Overview of Regression
1. Modeling Developing a regression model
2. Estimation Using software to estimate the model
3. Inference Interpreting the estimated regression model
4. Prediction Making predictions about the variable of interest
Linear Regression for Business Statistics
4. Prediction Making predictions about the variable of interest
For the coming six months, company management is considering
three alternative scenarios for selling this particular toy.
Linear Regression for Business Statistics
4. Prediction Making predictions about the variable of interest
For the coming six months, company management is considering
three alternative scenarios for selling this particular toy.
Scenario 1: Price = 9.10$, AdExp = 52,000$, PromExp = 61,000$
Linear Regression for Business Statistics
4. Prediction Making predictions about the variable of interest
For the coming six months, company management is considering
three alternative scenarios for selling this particular toy.
Scenario 1: Price = 9.10$, AdExp = 52,000$, PromExp = 61,000$
Scenario 2: Price = 7.10$, AdExp = 48,000$, PromExp = 57,000$
Linear Regression for Business Statistics
4. Prediction Making predictions about the variable of interest
For the coming six months, company management is considering
three alternative scenarios for selling this particular toy.
Scenario 1: Price = 9.10$, AdExp = 52,000$, PromExp = 61,000$
Scenario 2: Price = 7.10$, AdExp = 48,000$, PromExp = 57,000$
Scenario 3: Price = 8.10$, AdExp = 50,000$, PromExp = 60,000$
Linear Regression for Business Statistics
4. Prediction Making predictions about the variable of interest
For the coming six months, company management is considering
three alternative scenarios for selling this particular toy.
Scenario 1: Price = 9.10$, AdExp = 52,000$, PromExp = 61,000$
Scenario 2: Price = 7.10$, AdExp = 48,000$, PromExp = 57,000$
Scenario 3: Price = 8.10$, AdExp = 50,000$, PromExp = 60,000$
Which scenario to implement to maximize unit sales?
Linear Regression for Business Statistics
4. Prediction Making predictions about the variable of interest
Scenario 1: Price = 9.10$, AdExp = 52,000$, PromExp = 61,000$
Predicted Sales = 72587.31
Scenario 2: Price = 7.10$, AdExp = 48,000$, PromExp = 57,000$
Predicted Sales = 72892.96
Scenario 3: Price = 8.10$, AdExp = 50,000$, PromExp = 60,000$
Predicted Sales = 74542.75 ≈ 74542
Linear Regression for Business Statistics
Overview of Regression
1. Modeling Developing a regression model
2. Estimation Using software to estimate the model
3. Inference Interpreting the estimated regression model
4. Prediction Making predictions about the variable of interest
Linear Regression for Business Statistics
Overview of Regression
1. Modeling Developing a regression model
2. Estimation Using software to estimate the model
3. Inference Interpreting the estimated regression model
4. Prediction Making predictions about the variable of interest
Linear Regression for Business Statistics
Overview of Regression
1. Modeling Developing a regression model
2. Estimation Using software to estimate the model
3. Inference Interpreting the estimated regression model
4. Prediction Making predictions about the variable of interest
Linear Regression for Business Statistics
Overview of Regression
1. Modeling Developing a regression model
2. Estimation Using software to estimate the model
3. Inference Interpreting the estimated regression model
4. Prediction Making predictions about the variable of interest
Linear Regression for Business Statistics
Overview of Regression
1. Modeling Developing a regression model
2. Estimation Using software to estimate the model
3. Inference Interpreting the estimated regression model
4. Prediction Making predictions about the variable of interest
