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Assignment 1: Making Decisions Based on Demand and Forecasting

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Assignment 1: Making Decisions Based on Demand and Forecasting
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Class XXXX, Section XXXX, Fall 2013

Assignment 1: Making Decisions Based on Demand and Forecasting Regression analysis is the description about the relationship between two variables where one is dependent and the other is independent. Regression analysis (in statistics), generally, is about any techniques that facilitate modeling and analysis of several variables. It focuses on the relationship between a dependent variable and one or more independent variables (Sykes, 2000). To be specific, regression analysis allows understanding of the typicality of value of the dependent variable changes, while any one of the independent variables is varied. At the same time, the other independent variables must be fixed. Usually, regression analysis estimates the expectation of conditions connected to the dependent variable given the independent variables (Sykes, 2000). Thus, the average value of the dependent variable is calculated using condition that the independent variables are held fixed. Not that often, regression analysis focuses on a quantile, or other location parameter of the conditional distribution of the dependent variable given the independent variables. Nevertheless, the regression function is the estimation target, which is a function of the independent variables. In regression analysis, it is also necessary to characterize the variation of the dependent variable around the regression function. This can be described by a probability distribution (Sykes, 2000). Regression analysis is usually and successfully used to predict and forecast various data such as time-series data, for example (Sykes, 2000). It is also used to understand the connection between the independent variables and the...

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