Data Analysis Essay

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Data analysis is one of the most crucial aspects for any market research firm. Without data analysis, it is very difficult for the firm to understand the market or develop a strategic plan without proper marketing research. For complete market research, a company must understand the exact nature of business and the output that the firm might get. The firm must understand the effectiveness of the tools and the strategy that they are implementing so that the firm can make changes if needed (What is the importance of data analysis?.n.d.) From time to time. The basic reason being, as the business environment has become very dynamic, it highly essential to keep the track of the environment and should understand the behavior of business movements, …show more content…

(n.d.). ANOVA table shows the output of the ANOVA analysis and whether we have a statistically significant difference between the group means. We can see that the significance level for Att is 0.00 and 0.827 for Attnew.
When this value is below 0.05, it means that there is a significant difference between the two means. When it is more than 0.05 there is no or little statistical difference between the two means. Hence for Attnew, there is a difference in the demand of cars but there is no difference in the Att case (Hussain, M. (n.d.)).
Multiple Regressions
“Multiple regression is an extension of simple linear regression. It is used when we want to predict the value of a variable based on the value of two or more other variables. The variable we want to predict is called the dependent variable (or sometimes, the outcome, target or criterion variable). The variables we are using to predict the value of the dependent variable are called the independent variables (or sometimes, the predictor, explanatory or regressor variables)”.Multiple regression output helps in determining the fit of the model and facilitate to take a decision in the right

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