Using Bivariate Regression Analysis to Improve Business Operations and Increase Sales: A Guide for Business Consultants - Essay Prowess

Using Bivariate Regression Analysis to Improve Business Operations and Increase Sales: A Guide for Business Consultants


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Bivariate regression analysis is an excellent tool to help you answer questions about a business. When you use bivariate analysis, you can discover whether there is a strong correlation between a dependent and an independent variable. As a business consultant, you will probably want to test a hypothesis for cause and effect when you use a scatterplot and a line of best fit, which will show you the strength of the correlation.

In this scenario, you will continue to work as a business consultant trainee with the superstore client. The superstore would like to know which key attributes have an impact on its sales revenue and the number of orders. Your vice president would like you to perform two bivariate regressions to analyze the data. Remember that the superstore is interested in whether specific trends are identified that can help grow its business through improved operations and sales. Then you will write a report for your vice president of operations in which you describe the regression models and the key attributes you chose to analyze. Additionally, you will explain why you chose to analyze those key attributes.

our task is to create two bivariate regressions using Excel. You will also write a short report that describes the regression model you used and why you chose to analyze your selected independent variables.

  1. Perform two bivariate regressions on the data using the Superstore Excel Workbook to complete this step. This workbook contains your work from previous modules. Both bivariate regressions should analyze Sales with the independent variables of your choice.
  2. Explain the results of the bivariate regressions. For each bivariate regression performed, address the following:

Guidelines for Submission

  • Superstore Excel Workbook : Submit the Excel workbook. This should include two additional worksheets: Bivariate_Regression_1 and Bivariate_Regression_2. PLEASE USE ATTACHED WORKBOOK AND DO NOT REMOVE OR ADJUST ANY ADDITIONAL SHEETS IN THE WORKBOOK
  • Short Report : Submit a Word document using double spacing, 12-point Times New Roman font, and one-inch margins. This assignment should be 1 to 2 pages in length. If references are included, they should be cited in APA format. Consult the Shapiro Library APA style guide for more information on citations.

Assignment Preview:

In order to perform the bivariate regressions, you would first need to determine which independent variables you would like to analyze in relation to the dependent variable, sales revenue. Once you have chosen the independent variables, you can use Excel’s built-in regression analysis tools to perform the analysis and create the scatterplots and lines of best fit. The results of the bivariate regression will include the correlation coefficient, which measures the strength and direction of the relationship between the dependent and independent variables, as well as the p-value, which indicates the probability of observing a correlation as strong as the one calculated by chance alone.

In the report to your vice president of operations, you should explain why you chose the specific independent variables for analysis, and provide a summary of the key findings from the bivariate regressions. This may include the correlation coefficient and p-value for each regression, as well as any notable trends or patterns that were revealed in the data. It is also important to interpret the results and their meaning in the context of the business and the specific questions being asked, to provide actionable insights and recommendations for how the superstore can use these findings to improve operations and increase sales.

It’s recommended to also include some graphs such as scatter plots with the lines of best fit, as well as a summary of the main statistics, coefficients, etc. Remember to interpret the results, and use a appropriate language and terminology.

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