Regression Analysis

705 Words3 Pages
Regression Analysis and Business Rules of thumb, instinct, convention, and simple financial analysis are frequently no longer adequate for addressing such common decisions found in business such as make-versus-buy, facility site selection, and process redesign. Generally, the forces of competition are commanding a need for more efficient decision making at all levels in companies. "Decision analysts provide quantitative support for the decision-makers in all areas including engineers, analysts in planning offices and public agencies, project management consultants, manufacturing process planners, financial and economic analysts and experts supporting medical and technological diagnosis"(Tools for Decision Analysis: Analysis of Risky Decisions, 2012). Modeling for decision making comprises two distinct entities, one is the decision-maker and the other is the model-builder who is known as the analyst. The function of the analyst is to help the decision-maker in their decision-making process. Consequently, the analyst must be outfitted with more than a set of analytical methods. Specialists in model building are frequently lured to study a problem, and then go off by themselves to develop a complex mathematical model for use by the manager. Unfortunately the manager may not comprehend this model and may either use it blindly or decline it all together. The specialist may feel that the manager is too uninformed and unsophisticated to be grateful for the model, while the

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