why is it better to use regression analysis rather than variance analysis in analyzing drivers of customer satisfaction ?
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why is it better to use regression
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- The Baker Company wants to develop a budget to predict how overhead costs vary with activity levels. Management is trying to decide whether direct labor hours (DLH) or units produced is the better measure of activity for the firm. Monthly data for the preceding 24 months appear in the file P13_40.xlsx. Use regression analysis to determine which measure, DLH or Units (or both), should be used for the budget. How would the regression equation be used to obtain the budget for the firms overhead costs?The owner of a restaurant in Bloomington, Indiana, has recorded sales data for the past 19 years. He has also recorded data on potentially relevant variables. The data are listed in the file P13_17.xlsx. a. Estimate a simple regression equation involving annual sales (the dependent variable) and the size of the population residing within 10 miles of the restaurant (the explanatory variable). Interpret R-square for this regression. b. Add another explanatory variableannual advertising expendituresto the regression equation in part a. Estimate and interpret this expanded equation. How does the R-square value for this multiple regression equation compare to that of the simple regression equation estimated in part a? Explain any difference between the two R-square values. How can you use the adjusted R-squares for a comparison of the two equations? c. Add one more explanatory variable to the multiple regression equation estimated in part b. In particular, estimate and interpret the coefficients of a multiple regression equation that includes the previous years advertising expenditure. How does the inclusion of this third explanatory variable affect the R-square, compared to the corresponding values for the equation of part b? Explain any changes in this value. What does the adjusted R-square for the new equation tell you?. What are the advantages and disadvantages of Regression Model, Econometric Model, Driving Indicator Models?
- What is the difference between linear and multiple regression?what do the standardized regression weights or coefficients tell you about the ability of the predictors to predict the dependent variable?What is the difference between variance and sensitivity analysis? Do you think one is more important than the other? Please explain your answer.
- What is Multiple regression analysis?Explain why longitudinal studies and multiple regression analyses can help address the issues of temporal precedence and internal validity concerns that limit the conclusions we can make using bivariate correlations.Discuss how the advantages of using simple regression could benefit the organization.