Business environment in 21st century is volatile, uncertain, complex and ambiguous. Be it large organization or small, every business has to constantly make adjustments in respect of disruptive economic environment. The effectiveness of constant adjustments relies on a simple context “forecasting”. A business forecast is about predicting future, but unlike crystal ball, we use actual data. These forecasts help businesses to prepare for changes, make strategic business decision, earn more profit and sustain their competitive advantage.
There are different methods of business forecasting. One most fundamental and yet pervasive method is regression technique. Regression analysis investigates the causal relationship between a target and predictor variables. The inferences from predictive models will facilitate market researchers, data analysts and managers to evaluate and implement best alternative strategy.
This MDP will help participants delve into application of regression analysis for business forecasting. The learning outcome aims to focus on data driven decision making to eliminate common errors due to guesswork based on managers’ intuition.
- To provide opportunity for participants to understand the relevance of regression technique in business forecasting.
- To explain practical aspects of regression analysis for participants from functional viewpoint.
- To provide understanding of model development and accuracy prediction to make effective for decision making with the usage of Advanced Excel and SPSS.