Forecasting refers to the process of using statistical procedures to predict future values of a time series based on historical trends. For businesses, being able gauge expected outcomes for a given time period is essential for managing marketing, planning, and finances. For example, an advertising agency may want to utilizes sales forecasts to identify which … Continue reading Basic Forecasting
My previous post covered the basics of logistic regression. We must now examine the model to understand how well it fits the data and generalizes to other observations. The evaluation process involves the assessment of three distinct areas – goodness of fit, tests of individual predictors, and validation of predicted values – in order to … Continue reading Logistic Regression in R – Part Two
Logistic regression is used to analyze the relationship between a dichotomous dependent variable and one or more categorical or continuous independent variables. It specifies the likelihood of the response variable as a function of various predictors. The model expressed as , where refers to the parameters and represents the independent variables. The , or log … Continue reading Logistic Regression in R – Part One
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