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Applied Regression and Modeling by Amar Sahay

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CHAPTER 1

Introduction to Regression and Correlation Analysis

Introduction

In real world, managers are always faced with massive amount of data involving several different variables. For example, they may have data on sales, advertising, or the demand for one of the several products his or her company markets. The data on each of these categories—sales, advertising, and demand is a variable. Any time we collect data on any entity, we call it a variable and statistics is used to study the variation in the data. Using statistical tools we can also extract relationships between different variables of interest. In dealing with different variables, often a question arises regarding the relationship between the variables being studied. In order to ...

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