Linear regression analysis is based on identifying independent variables and gathering historical data for these variables.Name 2 independent variables to forecast these dependent variables:
(a)Demand for hospital Services.
(b)Students entering Legon
(c)Amount of loans granted by a bank.
(d)Demand for catering services
well, your guess is as good as mine but
(a) number of football games, depth of snow
(b) Legon Ghana?
(c) number of hurricanes in past 12 months, number of arrests of bank officers
(d) month of the year, number of weddings scheduled for week
Yep...Need help on how to Go by it
(b) maybe time of year, exchange rate for currency
Linear regression analysis is based on identifying independent variables and gathering historical data for these variables.Name 2 independent variables to forecast these dependent variables:
(a)Demand for hospital Services.
(b)Amount of loans granted by a bank.
(c)Demand for catering services
Pls help me out
To forecast the dependent variables mentioned, let's identify two possible independent variables for each:
(a) Demand for hospital services:
1. Population growth: The number of people residing in the area served by the hospital can be a useful independent variable to forecast the demand for hospital services. As population increases, the demand for healthcare tends to rise.
2. Epidemiological factors: Health-related factors like the prevalence of diseases or specific medical conditions can serve as independent variables. Such factors may influence the demand for hospital services.
(b) Students entering Legon:
1. High school graduation rates: The percentage of students graduating from high school in the region can serve as an independent variable. Higher graduation rates may indicate an increased number of potential students entering Legon.
2. Employment opportunities: The availability of job prospects in the area can also be an independent variable. If a region has more employment options, it may attract a larger number of students to attend Legon.
(c) Amount of loans granted by a bank:
1. Economic indicators: Variables such as the interest rate, inflation rate, or GDP growth rate can be independent variables. Changes in these economic indicators can influence the demand for loans and, subsequently, the amount granted by banks.
2. Financial stability: The financial health of borrowers, including factors like credit scores, income levels, or existing debts, can be independent variables. These variables help determine the creditworthiness of individuals and may influence the amount of loans granted.
(d) Demand for catering services:
1. Disposable income: The amount of disposable income available to individuals or households can serve as an independent variable. As disposable income increases, individuals may spend more on catering services, leading to higher demand.
2. Population density: The density of population in the region can be an independent variable. In densely populated areas, there is a greater potential customer base for catering services, which may contribute to increased demand.
Remember, these are just examples, and the choice of independent variables will ultimately depend on the specific context and data available for analysis.