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October 8, 2022

Probability Distribution

Managerial Applications of Business Analytics

Probability Distribution

After reviewing Sections 4.1 to 4.7, your CEO has asked you for some clarification on probability. Please respond to the questions below.

1. How would you explain simple linear regression (SLR) to a CEO?

2. How is multiple regression different from single regression? What are the differences? Please provide an example of multiple regression.

3. Why is regression, multiple or simple, an important concept to understand, especially for a CEO? What are some examples of practical applications of regression?

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