Ugyen-ODL-Quantitative Techniques in Management- AssignmentA-Question 3.doc

# Ugyen-ODL-Quantitative Techniques in Management- AssignmentA-Question 3.doc

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Assignments A – Quantitative Techniques in Management ----------------------------------------------------------------------------------------------------------------------------- Question 1: What is the significance of Regression Analysis? How does it help a manager in the decision making process? Answer: Regression analysis is a powerful technique for studying relationship between dependent variables (i.e., output, performance measure) and independent variables (i.e., inputs, factors, decision variables). Summarizing relationships among the variables by the most appropriate equation (i.e., modeling) allows us to predict or identify the most influential factors and study their impacts on the output for any changes in their current values. Unlike the deterministic decision-making process, such as linear optimization by solving systems of equations, Parametric systems of equations and in decision making under pure uncertainty, the variables are often more numerous and more difficult to measure and control. However, the steps are the same.

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