Post an example of a practical application of Regression Ana

Post an example of a practical application of Regression Analysis. Identify the dependent variable and explain how regression analysis was used to predict its value. Please provide details. This can either be an example from the media or one that you come up with - if you use a media example, please post the link.

Solution

There are various uses of regression analysis as

1) Regression can be used for forecasting

2) Regression models can be used for decision-making.

In Forcasting take the temperature as the independent varaible

In decision making take the selling price as the independent varaible

The objective of this analysis will be to explain and predict how the quantity of weekly sales of a popular brand of bread depends on its price at a small chain of supermarkets