Describe regression analysis and list several of its possible uses
Regression analysis is a statistical technique that attempts to fit a regression line through a number of data points.
Regression analysis can be used in many different ways including predicting mixed costs by separating out the mixed cost into its fixed and variable components. Regression analysis could be used by marketing managers to predict advertising or distribution costs. It could also be used by production managers to estimate production relationships, such as the number of defective goods produced when overtime hours increase, or the estimated total cost of production at different production levels. Regression analysis can also be used to identify appropriate cost drivers.
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