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Course Description

Data is often gathered and analyzed to tell a story about what, why, or how something happened. Yet data can also be used to make predictions. Developing reliable predictions is a valuable skill in many organizations, as it helps leaders reach decisions. Simple regression is a statistical tool that uses data to estimate the slope and intercept of a line. This can be a truly useful tool for managers because many relationships between business variables are linear. If we understand the underlying relationship between an independent variable X and a dependent variable Y, then we can use a regression model to make forecasts or predictions about Y based on information about X. In this lesson, you will practice creating simple regression models and applying them to business scenarios. The models that you build can also be used to perform other types of statistical analysis. Once data has been collected, it can then be used to better predict the probabilities of particular outcomes. You will also examine how to work in the other direction, from the desired prediction accuracy to how much data would need to be collected. Both of these approaches are valuable in business planning. For the best result, complete "Data Analysis and Probability: Create Effective Graphs," "Data Analysis and Probability: Calculate the Probability of an Outcome," "Decision Analysis: Create a Decision Tree," "Continuous Distributions: Apply Normal Distribution and the Z Table," "Sampling: Apply Sampling to Data Analysis," and "Hypothesis Testing: Analyze Sample Data to Evaluate Claims" prior to taking this lesson.

Benefits to the Learner

  • Construct a linear model of the relationship between two variables
  • Use a simple regression model to calculate statistics of interest
  • Make predictions about the future behavior of a system based on the regression model
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Type
self-paced (non-instructor led)
Dates
Mar 29, 2024 to Dec 31, 2030
Total Number of Hours
2.0
Course Fee(s)
Regular Price $0.00
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