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Least Squares Method and Empirical Modeling: A Case Study in a Mexican Manufacturing Firm

In: Empirical Modeling and Its Applications

Author

Listed:
  • Raul Ignacio Hernandez
  • Roberto Sarmiento
  • Cesar Mendez-Barrios

Abstract

Empirical modeling (EM) has been a useful approach for the analysis of different problems across a number of areas/fields of knowledge. As is known, this type of modeling is particularly helpful when parametric models due to a number of reasons cannot be constructed. Based on different methodologies and approaches (e.g., Least Squares Method, LSM), EM allows the analyst to obtain an initial understanding of the relationships that exists among the different variables that belong to a particular system or a process.

Suggested Citation

  • Raul Ignacio Hernandez & Roberto Sarmiento & Cesar Mendez-Barrios, 2016. "Least Squares Method and Empirical Modeling: A Case Study in a Mexican Manufacturing Firm," Chapters, in: Dr. Md. Mamun Habib (ed.), Empirical Modeling and Its Applications, IntechOpen.
    • Handle: RePEc:ito:pchaps:102480
    DOI: 10.5772/63151
    as

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    More about this item

    Keywords

    empirical modeling; exploratory data analysis; least squares; linearization; transportation logistics;
    All these keywords.

    JEL classification:

    • C60 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - General

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