Forecasting & Methods Class
Multiple regression analysis.
1. – First, what is multiple regression analysis? Try to think of a real-world example related to your line of business and/or real-world experiences…
2. – What is an important dependent variable that you’ve worked with in the past (whether it be sales, profits, demand, retention, satisfaction, etc.)?
3. – Based on your experiences, what are some independent variables that you could use to predict your example dependent variable – i.e., that you could use to “construct” a forecasting model?
4. – What would happen if one (or more) of those independent variables was excluded from your model?
5. – Finally, what are some additional challenges we face in conducing multiple regression analysis?