Regression Analysis is a statistical tool that enables you to examine the relationship between a dependent variable and an independent variable. It is used for assessing the strength of the relationship between variables. There are different kinds of regression analysis but at their core, all examine the influence of independent variables on dependent variables. Regression Analysis involves several variations including linear, nonlinear, and multiple linear. Multiple linear and simple linear are common models. Nonlinear regression analysis is used commonly for complex data sets where independent and dependent variables depict a nonlinear relationship. The regression analysis has several applications such as finance.

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Importance of Regression Analysis

The advantages of regression analysis are multiple. The regression forecasting method is used for forecasting and finding out the casual relationship between two variables. The benefits of regression analysis are about data. Data means figures and numbers, which define your business. The benefit of this analysis is that it enables you to make better business decisions for the present and the future. It can help you with the following:

  • Understanding inventory sales
  • Predicting sales in the long term
  • Understanding demand and supply
  • Reviewing and understanding the way variables impact all things

Companies use regression analysis for the following:

  • Predicting what sales shall look like in the future
  • Why customer service calls have reduced in the past month or the past year
  • Whether to market or create a new product or to expand your business
  • Which marketing promotion should be selected

Regression Analysis and Forecasting

The regression method in forecasting includes examining the relationship between different variables called the independent and dependent variables. For instance, if you want to forecast the future sales of a firm and sales fall or rise depending on the rise or fall of Gross Domestic Product.

Sales in such cases will be a dependent variable as they are dependent on the GDP, the independent variable. You have to find out who the two variables are related.

Formulate Strategies

Regression analysis is basically a statistical problem. Businesses adopt statistical concepts as they have proved to be valuable to help a company decide many vital things and thereafter make well-studied, and informed decisions based on different data aspects. Data is the factual information that is used as a basis to discuss, reason, and calculate.

This statistical analysis uses data, mainly two or more than two variables for providing an idea wherein the future data points shall be. The advantages of regression analysis are that this statistical calculation offers businesses to see the future. The regression analysis enables businesses in using specific strategies so that the predictions including future sales, future challenges, and future needs for supplies or labor shall produce meaningful information. Regression analysis is a major factor in business as it allows them to make better decisions.

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