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A Concordia undergraduate student in Business Management got her hands on a data set showing the...

A Concordia undergraduate student in Business Management got her hands on a data set showing the change in revenue compared to the previous year in percent of several companies from Canada and the change in the number of employees of these companies compared to the previous year. She would like to predict changes in revenue given the changes in the number of employees.

1.1. Please explain what type of analysis you would suggest the undergraduate student to perform?

Math   Statistics-And-Probability   
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Answer #1

Since the data set has two variables

  1. Percent change in revenue
  2. Change in the number of employees

If we want to predict the change in revenue given the change in the number of employees. We treat change in revenue as a dependent variable and change in the number of employees as an independent variable. For predicting, we need to do Simple Linear regression analysis.

With linear regression, we will get the regression equation of the form Y = a + b X

Change in revenue = Constant + slope* change in number of employees

So, if the change in number of employees is given, we can easily predict the change in revenue

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