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The use of regression analysis
Find one authoritative resource in the form of a YouTube video or Website that explains the use of regression analysis as a prediction model for forecasting. Try not to duplicate a resource already posted by another student. Insert a hyperlink for that resource so others may access it quickly. Finally, provide an explanation of what you learned from the resource that strengthened your understanding of using regression analysis for forecasting.
Sample Answer
Resource: Regression Analysis for Forecasting – YouTube https://www.youtube.com/watch?v=27bp8b1gxKY
This YouTube video provides a clear and concise explanation of how regression analysis can be used for forecasting. It effectively breaks down the concept into two main categories:
- Causal Models: In causal models, we identify variables that directly influence the variable we want to predict. For instance, if we’re forecasting sales, we might consider factors like advertising expenditure, price, and competitor activity. By building a regression model with these variables, we can estimate how changes in these factors will impact future sales.
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