When the relationship between two or more independent variables needs to be test

Question

When the relationship between two or more independent variables needs to be tested, a common tool to use is a regression analysis. Take, for example, a study that shows the relationship between gaming and teen violence or a study that shows a correlation between fast-food eating habits and obesity. Complete the following for this assignment:

Describe 2–3 combinations of independent and dependent variables that you could test using a regression analysis.

What types of results could the regression analysis yield? How could you use the knowledge gained from the test?

Describe a specific organizational application of correlation and regression that you will use in your future career.

Describe a situation in your current or former workplace for which it would be appropriate to use correlation and regression to predict a future outcome that the company may be interested in. If you do not have an example for your workplace, please substitute a company that you are familiar with instead.

Why do you believe it is important for the company to look at these variables? What does the company risk if it does not do this correlation/regression?

Explanation / Answer

There could be various types of regression analysis. It could be a linear regression where the relationship is expected to be between one independent variable and one dependent variable. It could also be a multiple regression where the dependent variable is impacted by multiple independent variables. Some of the examples are

Regression analysis shows the relationship between cause and effect. They help in understanding the degree to which a variable impacts the result or an outcome. It also helps organizations and researchers evaluate their hypothesis on various business parameters.

Using the knowledge of the variables, their impact on the outcome and the overall correlation, we can make critical business decision such as allocation of resource, budget, effort, and improve the overall probability of success in any business campaign.

Every organization measures the productivity of their employee. One of the specific application that can use correlation and regression method is to relate the productivity of the employee with several independent variables such as education, age, sex, and cultural background.

At the current workplace I work as a marketing manager. Naturally one of my duties involve managing the promotional budget. Regression analysis allows me to determine the success of the marketing campaign (reach, exposure, etc.) by several independent variables such as (channels, budget allocated, timing of the ads, etc.). These studies can help me draw an estimated trend line that will help me understand the impact of these different advertisement and promotional channels and how their impact is going to be in the future.

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