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Decision Making in Management Using Linear Regression Concepts, Essay Example
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The decision making processes differ from one management to the other. The information, tools or techniques vary from various management systems. Business operations as well need gen and techniques in decision making. This will enable them to determine the much to be saved, inventory to maintain, selling price, number of workers to higher among others. Making decisions in business is the methodical process of identification and solving problems. Decisions are normally made from certain doubts and uncertainties. The past data is significant in decision making and forming solutions. In making decisions, various techniques have been used in the past. Modern businesses have used linear regression concepts in making decisions. Linear regression is direct comparison of various conditions. It is constructed based on given conditions that should be met in order to get the best out of available alternatives. Normally, two conditions (referred to as parameters) are to be considered but at times numerous. When numerous are considered, multiple regression is used.
Upon the plotting of the variables (linear regression), the line of best fit is obtained and this aids in decision making. The connection amid the variables can hence be easily determined from the plotting/charts/graphs. There are numerous applications of linear regression in management. The connection between sales and interest rates can be gotten by use of linear regression. The correlation analysis is then to be based on the relationships between the variables under consideration. The other application is in studying of demand, pricing, supply and cost of a commodity. A thorough regression analysis will determine, the much to be supplied, the demand and the respective cost that givers maximum profit. The determination of the number of workers is yet another application. Linear regression helps to determine the number of workers to hired or fired.
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