Regression Analysis Data mining, or the use of large amounts of consumer data to predict buyingpatterns, is widely used in certain industries to help companies select the most profitable productsand services, set prices, and increase consumer demand for their products and services. Hotels, supermarkets, airlines, credit card companies, and casinos (note the example about Harrah’s in the chapter)commonly use this approach, sometimes with the help of “loyalty cards” that the customer uses atcheckout. Regression analysis and other analytics are then applied to the data to help the companypredict buying patterns.Required1. What is the strategic role of data mining?2. What, if any, ethical issues are of potential concern when a company uses data mining?

Q: Please help with correct answers in details: step by step as last submission were given incorrect…

A: B) ANSWER FOR QUESTION BTo develop the equation with dummy variables for seasonal effects, you can…

Q: linear regression model, you've found the following relationship:

A: A linear regression is mathematical model using to forecast the future information using previous…

Q: help please answer in text form with proper workings and explanation for each and every part and…

A: Step 1: Regression equation You can find the regression equation using a scientific calculator or in…

Q: Given the following history, use a three-quarter moving average to forecast the demand for the third…

A:

Q: Consider the following time series data. Quarter 1 4 R (17 Year 1 4 2 3 5 Year 2 6 6557 3 Year 3 7 6…

A: Quarter Year 1Year 2Year 31467223633564578

Q: What are deseasonalized sales for quarter 2? 973.1 1052.5 1291.5

A: Find the given details below:

Q: After graduation, you take a position at Top-Slice, a well-known manufacturer of golf balls. One of…

A:

Q: Excel Assignment Linear Regression The manager of a company that relies on traveling salespersons to…

A: In this problem, the predictor or independent variable is the 'Hours spent with customers'. This is…

Q: Since the Covid-19 outbreak, the use of sports facilities and venues has dropped significantly. You…

A:

Q: Do not use Ai and chatgpt.

A:

Q: A seasonal index for a monthly series is about to be calculated on the basis of the past four years'…

A: Forecasting is the process of determining past data as well as using historic information along with…

Q: Create a line graph for this set of monthly sales numbers. Run a regression analysis.       What is…

A: Given data, For the above table data, we would construct a line graph, we would also run the…

Q: Any thoughts and how this relates to marketing management

A: Prediction markets can be a valuable tool for marketing management in various ways. For instance,…

Q: The following multiple regression printout can be used to predict a person's height (in inches)…

A: Step 1:The given regression output is designed to predict person's height given shoe size and…

Q: A random sample of 10,000 customers was selected over a six month period. The data provides…

A: To thrive in a world where customer loyalty is no longer assured, brands must adapt. Consumers have…

Q: Quarterly sales of a local department store over a 4-year period are given below: Quarters Sales (in…

A: Given Information:   Year Quarter1 Quarter2 Quarter3 Quarter4 2016 500 490 570…

Q: what are the differences between the following models? 1) Moving average models 2) Simple…

A: As per guidelines, we would provide only three sub-parts at a time. Please provide each question at…

Q: From the following annual data of sales (in 000 .$.) Find the trend values by using least square…

A: In order to predict future values or events, trend analysis uses historical data. The least-squares…

Q: Year Season Sales 2018 Winter 40 2018 Spring 29 2018 Summer 31 2018 Fall 40 2019 Winter 102 2019…

A: Find the given details below:

Q: What are the basic assumptions in contrast to causal techniques when using predictive time series…

A: There are some basic assumptions to bear in mind when forecasting time series:

Q: Please help with correct answers: step by step: last time submitted- answers were incorrect A…

A: a) First, we need to create dummy variables for quarters. Then, run a regression analysis with these…

Q: The most naive forecast can is quite valuable in leading to an organization’s success because it is…

A: The naive forecast can be used as a quick and convenient benchmark to compare the expense and…

Forecasting in Business

Forecasting is the process of predicting the future based on the past and the present data and circumstances. In other words, forecasting is the act of making a detailed analysis of future events based on the decisions made in the past as well as the present. Forecasting plays a very important role in operational management as it helps in planning and decision-making. It is not only important for the success of a business but also contributes to individual growth and success. Many business organizations or companies have failed due to the shortcomings of their forecasting.