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Analytics with Simple Regression to Identify Drivers and Forecast

In: Business Statistics for Competitive Advantage with Excel and JMP

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  • Cynthia Fraser

    (University of Virginia, McIntire School of Commerce)

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.

Suggested Citation

  • Cynthia Fraser, 2024. "Analytics with Simple Regression to Identify Drivers and Forecast," Springer Books, in: Business Statistics for Competitive Advantage with Excel and JMP, chapter 0, pages 73-103, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-42555-4_4
    DOI: 10.1007/978-3-031-42555-4_4
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