Topic: “Introduction to Regression Analysis”
Company: SCHBANG, Kamala Mills Compound, Lower Parel
Dates: June 29 and 30, 2019
Training Conducted by Prasad Patil, Consultant – OM & SCM Department, ITM Business School, Kharghar, Navi Mumbai.
Purpose of the training: SCHBANG is an integrated marketing agency providing clients with integrated marketing solutions. They are contemplating offering services in the area of marketing analytics. They are going to use a predictive analytics package “Proof Analytics” to provide their clients with analytic insights to grow their business. They wanted to understand the algorithm behind the Analytics Package. Upon discussion, it was mutually decided to conduct a training on the basics of Regression Analysis.
Participants: Mr Harshil Karia – Co Founder and MD
Ms. Gauri Bhatt – Senior Brand Strategist – She will be spearheading this initiative.
Three more participants were present who will be involved in Business Development.
Topics Covered: Overview of Descriptive Statistics, What is Regression Analysis, Steps of Regression Analysis, Simple Linear Regression, Multiple Regression, Logistic Regression, and Time Series Regression
The training started with a discussion about Business Analytics in general. Analytics Strategy, Analytics Requirement and Analytics Capability were discussed. The participants tried to discuss about the relevance of these concepts to their analytics business vertical.
The basic topics of statistics needed to understand Regression Analysis were covered in the beginning. Since the participants were interested in knowing the topics conceptually, significant amount of time was spent in understanding the origins and formulae of the statistical techniques. The participants were also relating every technique to their business practice.
Linear Regression was discussed manually as well as through a statistical package. Multiple Regression was discussed conceptually. Time Series Regression models were conceptually discussed in depth. There was also a discussion on “How to achieve Forecasting of Demand, Sales” using Time Series, Cross Sectional and Panel Data.
The two day training session was interactive in nature and the participants were trying to relate every concept discussed with respect to their company.