Question

What is one instance where you think linear regression would be useful to you in your workplace or chosen major? Please describe including why and how it would be used

Answer 1

Here, we have to give an instance where we think that linear regression would be useful to us in our workplace or chosen major. We consider the following situation-

Let a company ABC wants to launch a new beauty product and wants to analyze it's sales among common men. Here we consider two variables-

x : amount spent on promotion or advertisement of the new beauty product.

y : sales obtained from the beauty product.

Here, x is the dependent variable and y is the independent variable.

So we can form a linear regression equation as - y = a + bx + e

where, a is the intercept

b is the slope and,

e is error in the model.

According to the amount spent on promotion or advertisement of the new beauty product we can analyze how much sales will be obtained.