Regression Statistics

Just a few years ago, the process of estimating economic relations was painstaking and costly. Only the largest and most advanced organizations could afford the necessary investment in sophisticated computers and highly trained staff. Today, powerful desktop personal computers (PCs) with sophisticated but user-friendly statistical software make the estimation of even complex economic relations both quick and easy. As a result, the accurate estimation of statistical relations has become a standard tool of the successful manager in organizations of all sizes. The two leading software programs used for this purpose are MINITAB statistical software, published by MINITAB, Inc., and SPSS Advanced Statistics, published by SPSS, Inc. Both are inexpensive, easy to learn, and offer a wealth of powerful techniques for data analysis and regression model estimation. Less comprehensive statistical software that run along with Microsoft Excel and other spreadsheet programs can also be useful, especially when detailed statistical analysis is unnecessary. This section focuses on the interpretation of regression output.

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