Question

Regression analysis is a tool that is used to forecast into the future. Explain how you would use regression analysis to forecast future customer demand for a new innovative product called the combination washer/dryer/ cloth folder unit.

Answer 1

ANSWER..

It is true that Regression analysis used to forecast or predict the values the response variable or dependent variable can be predicted based on some explantory variables also known as regressors.In regression analysis,basically we model the Relationship between dependent and independent variables.

The solution for the problem to forecast future customer demand foe new innovative product called combination of washer/dryer/colth folder unit cannot be found using Regression analysis,Because regression analysis can predict a single variable values only.The combination /set of such variables cannot be predicted.

But Association rule can be a good technique to predict customer demand for combination of specific products.

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