Analytics with Simple Regression to Identify Drivers and Forecast

Cynthia Fraser
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Cynthia Fraser: University of Virginia, McIntire School of Commerce

Chapter Chapter 4 in Business Statistics for Competitive Advantage with Excel and JMP, 2024, pp 73-103 from Springer

Abstract: Abstract Analytics from regression can easily create a long range forecast based on trend. Regression and correlation, upon which regression is based, reflect linear association between two variables. Regression quantifies the influence of a continuous, independent driver x on a continuous dependent, performance variable y. In the case of a trend focused forecast, the driving variable x is time period. In later chapters, focus will be expanded to both explain how an independent decision variable x drives a dependent performance variable y and also in predicting performance y to compare the impact of alternate decision variable x values. X is also called a predictor, since from x we can predict y. Here, focus is on prediction of performance or response y from knowledge of the driver, time period, x.

Date: 2024
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DOI: 10.1007/978-3-031-42555-4_4

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