Verified Document

Analyzing The Workplace Regression Analysis Essay

Workplace Regression Analysis Give an example from your workplace regarding how regression analysis could be used by your leadership to analyze one or multiple outcomes that occur because of what your agency does. Indicate the dependent variable and at least two independent variables

To begin with, regression analysis is defined as the relationship between variables. referring to the example under consideration, the management in the workplace can use regression analysis to analyze the relationship of the tips received in the various servings compared to the corresponding amount of the bill. The dependent variable is the focus of the analysis. On the other hand, the independent variable is the 'variable that influences value of the dependent variables'. In particular, the management can use regression analysis to evaluate the impact of pricing on the behavior (tips offered) of consumers. For example, the management of the workplace can consider altering the prices on a number of products offered on different occasions. In this case, the data from the quantity sold and tips received for every price level can be employed to undertake a regression analysis. The dependent variable will be the quantity of the product sold. The independent variables will include the price of the product as well as the frequency of the consumers at the workplace (Hamel, 2016).

To what extent do you think the relationship between...

and each i.v. is linear? Is it a positive or negative relationship?
There is a great extent of correspondence between the dependent variable, in this case quantity sold, and the independent variable, the price level. In this case, the relationship between the two variables is negative. We observe that Y, the dependent variable decreases as X, the independent variable increases. The possible explanation for such an occurrence is that an increase in prices usually decreases the amount of quantity sold. This is because the consumers find the products to be much more expensive. In a similar manner, there is a great extent of correspondence between the dependent variable, in this case quantity sold, and the independent variable, in this case, the frequency of the consumers. However, different from the first dependent variable (tips), there is a positive relationship between the two variables in the latter case. The explanation for this occurrence is that Y, the dependent variable increases as X, the independent variable increases. The reason being: an increase in the frequency of the consumers implies that more product is bought and therefore increases the total accrual from sales (Hamel, 2016).

Would this regression model be useful as a predictive tool for your organization? Explain

The regression would definitely be useful as a predictive tool for the organization. For one, the regression…

Sources used in this document:
References

Hamel, G. (2016). What Are Some Ways Linear Regression Can Be Applied in Business Settings? Chron. Retrieved 7 March 2015 from: http://smallbusiness.chron.com/ways-linear-regression-can-applied-business-settings-35431.html

Skrivanek, S. (2009). The use of dummy variables in regression analysis. Accessed, 21, 15.
Cite this Document:
Copy Bibliography Citation

Related Documents

Analysis of Survey on Job Satisfaction
Words: 2577 Length: 7 Document Type: Essay

Job Satisfaction The main objective of this research is to examine the various factors affecting job satisfaction given that satisfaction is a dynamic phenomenon that includes a person's attitudes and behaviors. The author also seeks to examine organizational injustices and how they affect job satisfaction and organizational commitment. Organizations in the modern business environment consider job satisfaction as a legitimate factor that has strong impacts on organizational commitment. In light

Multiple Regression Quantitative Analysis Report
Words: 1765 Length: 6 Document Type: Analysis

AbstractThis paper sought to establish the relationship between teamwork\\\'s productivity, job knowledge, the necessary resources to accomplish the task successfully, sick days, and equitable treatment. It highlights how an enterprise\\\'s organizational culture is frequently viewed as a requirement for teamwork inside the firm. This is characterized as the shared values, viewpoints, or opinions of workers within the organization. The report also includes descriptive data and numerous regression analyses that were

Multicultural Workplaces Face When Competing in the
Words: 1478 Length: 4 Document Type: Essay

multicultural workplaces face when competing in the current market. As multiculturalism begins to have more of a presence in management and leadership positions, organizations will need to address issues unique to them and modify their leadership strategies. Implementing cultural programs would be one such strategy, and it would require organizations to evolve, look inward, and make transformational change in order to create and improve multicultural employee retention. Such a

Statistical Analysis in Reaching Their
Words: 1866 Length: 7 Document Type: Term Paper

The median is the mid-point of a given data set; rather than the mean, which produces a single number that takes into account the extremes of the data set as well as the middle, the median tends to be more stable, finding the half-way point between extremes rather than directly incorporating them. For wage comparisons, especially over time, the median is useful and an excellent choice of statistical tool precisely

Using Meta Analysis Approach for Research
Words: 1816 Length: 2 Document Type: Research Paper

managers and the employees play an important role. In the present day, organizations incessantly experience and go through rapid technological changes, decreasing product life cycles, globalization, international global economic setting and also the extensive accessibility to information. As a result, in order for these organizations to continue surviving and being relevant in the market, style of management becomes a significant element in the success of the organization. The role

Positive and Negative Stress in the Workplace
Words: 9457 Length: 6 Document Type: Essay

1. Introduction The modern 21st century has posed new challenges for the organizations to survive and grow (Smith et al. 2010). As they are operated and managed by human beings, the challenges are ultimately faced by the individuals who are responsible for making decisions and implementing them (Nieuwenhuizen, Weiss and Rossouw, 2009). As challenges are multifaceted, and human lives are divided into various aspects, it is difficult to excel in every

Sign Up for Unlimited Study Help

Our semester plans gives you unlimited, unrestricted access to our entire library of resources —writing tools, guides, example essays, tutorials, class notes, and more.

Get Started Now