Importance of regression analysis in statistics

Consider how we can apply regression analysis to a business situation. Let’s take company sales as an example. We know that the sales performance of products and services is affected by marketing, demand, economy, reputation, and so on. Does this mean that company leaders should apply statistical analysis to determine the right mix of components (i.e., marketing, demand, and so on) that affect sales performance?

In addition, discuss the importance of regression analysis in statistics.

 

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