Regression Analysis: Understanding and Building Business and Economic Models Using Excel

Regression Analysis: Understanding and Building Business and Economic Models Usi

J. Holton Wilson
Barry P. Keating
Mary Beal-Hodges

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August 30, 2012
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This book covers essential elements of building and understanding regression models within the context of business and economics. It is a nonmathematical treatment that is accessible, even to readers with limited statistical backgrounds. It is useful for business professionals, MBA students and others who seek to understand regression analysis without having to work through tedious mathematical and statistical theory. The importance of using regression models in modern business and economic analysis can hardly be overstated. In this book we describe exactly how such models can be developed and evaluated. The data used is real data with real world business applications, not data that has been contrived to demonstrate some purely academic point. These data are likely to be encountered and used in the actual world of business. In an appendix using screen shots and step by step instructions, we include how to do use Excel to perform regression analysis. When readers have completed this book they will understand how to build basic mathematical models illustrating business/economic relationships using regression analysis. In addition, they will know how to interpret and evaluate regression models using a five step process (which includes evaluating the model; identifying its statistical significance; determining its explanatory power; for time-series applications, identifying how the error terms are distributed; and understanding the concept of multicollinearity). Readers will understand what is possible and what to look for in evaluating regression models. It is unlikely that most readers will build such models in the course of carrying out their own professional responsibilities, but it is very likely that they will, at some point in their careers, be exposed to such models. This book will help such readers understand models that someone else has developed.

J. Holton Wilson

Dr. J. Holton Wilson Professor Emeritus in Marketing at Central Michigan University was the initial recipient of the Jerry and Felicia Campbell Endowed Professorship in the College of Business at Central Michigan University. His undergraduate degrees (BA - economics , BS - chemistry) from Otterbein College, an MBA (Bowling Green State University) (statistics), and a doctorate (Kent State University) with majors in both marketing and economics.

Barry P. Keating

Barry P. Keating

Dr. Barry P. Keating is professor of business economics at the University of Notre Dame. He received a BBA (University of Notre Dame) an MA (Lehigh University), and PhD (University of Notre Dame). Professor Keating is a Heritage Foundation Fellow (1992-96), a Heartland Institute Research Fellow, Former President of the Economic Club of Michiana, former Chair of the Department of Finance at Notre Dame, is the winner of a Kaneb Teaching Award from Notre Dame, the MBA Professor of the Year Award, and is a fellow of the Kaneb Center.

Mary Beal-Hodges

Mary Beal-Hodges

Dr. Mary Beal earned her MS and PhD in economics from Florida State University following a BA in economics and a BA in physics from the University of Virginia. She is an instructor of economics at the University of North Florida in Jacksonville. Dr. Beal teaches applied business statistics and forecasting to more than 150 MBA students each year. She is an applied microeconomist with interests in real estate and property taxation, education, and labor. She uses regression analysis as her primary analytical tool.

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