Answer the following IN YOUR OWN WORDS. Respond to each of the following in a minimum of 175 words. It will be ran thru a plagiarism checker, thanks.
The Tasty Sub Shop Case:
A business entrepreneur uses simple linear regression analysis to predict the yearly revenue for a potential restaurant site on the basis of the number of residents living near the site. The entrepreneur then uses the prediction to assess the profitability of the potential restaurant site.
The QHIC Case:
The marketing department at Quality Home Improvement Center (QHIC) uses simple linear regression analysis to predict home upkeep expenditure on the basis of home value. Predictions of home upkeep expenditures are used to help determine which homes should be sent advertising brochures promoting QHICâ€™s products and services.
1. the difference in the type of prediction in both cases and provide rational of the reasons that these predictions were used.
2.how important are predictions of home upkeep ?
3. How can you use this in everyday life situations?