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Workplace Regression Analysis
Give an example from your workplace regarding how regression analysis could be used by your leadership to analyze one or multiple outcomes that occur because of what your agency does. Indicate the dependent variable and at least two independent variables
To begin with, regression analysis is defined as the relationship between variables. referring to the example under consideration, the management in the workplace can use regression analysis to analyze the relationship of the tips received in the various servings compared to the corresponding amount of the bill. The dependent variable is the focus of the analysis. On the other hand, the independent variable is the 'variable that influences value of the dependent variables'. In particular, the management can use regression analysis to evaluate the impact of pricing on the behavior (tips offered) of consumers. For example, the management of the workplace can consider altering the prices on a number of products offered on different occasions. In this case, the data from the quantity sold and tips received for every price level can be employed to undertake a regression analysis. The dependent variable will be the quantity of the product sold. The independent variables will include the price of the product as well as the frequency of the consumers at the workplace (Hamel, 2016).
To what extent do you think the relationship between...
and each i.v. is linear? Is it a positive or negative relationship?
There is a great extent of correspondence between the dependent variable, in this case quantity sold, and the independent variable, the price level. In this case, the relationship between the two variables is negative. We observe that Y, the dependent variable decreases as X, the independent variable increases. The possible explanation for such an occurrence is that an increase in prices usually decreases the amount of quantity sold. This is because the consumers find the products to be much more expensive. In a similar manner, there is a great extent of correspondence between the dependent variable, in this case quantity sold, and the independent variable, in this case, the frequency of the consumers. However, different from the first dependent variable (tips), there is a positive relationship between the two variables in the latter case. The explanation for this occurrence is that Y, the dependent variable increases as X, the independent variable increases. The reason being: an increase in the frequency of the consumers implies that more product is bought and therefore increases the total accrual from sales (Hamel, 2016).
Would this regression model be useful as a predictive tool for your organization? Explain
The regression would definitely be useful as a predictive tool for the organization. For one, the regression…
References
Hamel, G. (2016). What Are Some Ways Linear Regression Can Be Applied in Business Settings? Chron. Retrieved 7 March 2015 from: http://smallbusiness.chron.com/ways-linear-regression-can-applied-business-settings-35431.html
Skrivanek, S. (2009). The use of dummy variables in regression analysis. Accessed, 21, 15.
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