To operate efficiently and competitively, companies need to understand the effects their decisions can have. It is important for companies to gather data about employees, performance, sales, and other business parameters in order to analyze the efficiency of their operations, identify areas in need of improvement, and seize opportunities for advancement. Correlation and regression analysis can be used on such data to identify relationships among these variables and interpret them in a way that can help managers make strategic business decisions.
For example, imagine your company wants to look into the effect of its new advertising plan on sales numbers. You can use correlation analysis to determine the link between the two variables. Alternatively, if you would like to determine whether increasing the number of advertisements leads to increased sales, you will have to use regression to find causation.
Business professionals working in analytics require knowledge of the basics of running regression analysis using a spreadsheet and interpreting the findings, in addition to understanding the difference between correlation and regression analysis and how these analytical tools can be used to determine the link and relationship among different variables relating to business examples.
Failure to understand the components of correlation and regression and each of their implications and limitations can lead to poor business decisions. When applied correctly, correlation and regression analysis can be used in various business, economics, and marketing situations to improve business performance and create future opportunities for advancement for both you and your company.
If your company asked you to analyze the effects its new advertising campaign had on sales, would you have the skills required to evaluate the two variables? How effectively does your company make decisions? The Accenture Academy courses Correlation versus Regression, Components of Two-Variable Analysis, Correlation and Regression Calculations Using Spreadsheets, and Correlation and Regression in Business, Economics, and Marketing are designed to provide business professionals the necessary skills for analysis of the relationships between different business parameters and proper interpretation of results in order to make appropriate business choices. These courses aim to strengthen your analytical skills in business applications, while offering insight into the application of results to business decisions. These courses allow you to analyze the effect of different business decisions in an effort to help increase the overall efficiency of your company.
Accenture Academy offers proven, cost-effective learning solutions for a more versatile workforce and a more agile organization. We provide a flexible learning approach that helps your people be more versatile and your entire organization be more agile in the marketplace. Curriculum includes Supply Chain Management, Finance, Procurement, Analytics, Leadership & Management and Specialty Skills.