Example of Regression Analysis Forecasting Then, select the period of time you want to review and collect the data for the variables in question.įrom there, you choose your regression model and run it after which you find any correlation between those variables.
From there you figure out the factor that is being affected which in this case is the dependent variable, your sales.Īdd to this the factors that impact the dependent variable, anything that influences sales. To use this you would start to figuring out the reasons you are forecasting, essentially what it is you want to learn and why that would be valuable. There are many calculations required to examine relationships between sales and variables that impact sales. This technique is meant for those companies that need in-depth, granular, or quantitative knowledge of what might be impacting sales and how it can be changed in one direction or the other, as necessary.Īpplying this method successfully requires comprehensive understanding of statistics and the influences that exert their power on your company’s sales performance. Regression Analysis forecasting is the most mathematically minded method is usually why people shy away from it.
Using this quantitative analytical method can improve business operations, sales, and marketing. We’ve gone over many of the most prominent forms of forecasting, and now it is time to review the use of Regression Analysis. Share on Twitter Share on Facebook Share on LinkedIn Share on Email
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