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Detail one instance in which regression analysis can be used in a business application. Explain what...

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Basic Math

Detail one instance in which regression analysis can be used ina business application. Explain what insights can be gained,limitations that must be considered, and outline one case exampleused in real life.

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1Predictive analytics ie forecasting future opportunitiesand risks is the most prominent application of regression analysisin business Demand analysis for instance predicts the number ofitems which a consumer will probably purchase2 Operation Efficiency Regression models can also be used tooptimize business processes A factory manager for example cancreate a statistical model to understand the impact of oventemperature on the shelf life of the cookies baked in thoseovens3 Supporting Decisions Businesses    See Answer
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