From the course: Excel Statistics Essential Training: 2 (2019)
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Performing logistic regression
From the course: Excel Statistics Essential Training: 2 (2019)
Performing logistic regression
- [Instructor] Suppose you had a situation like this. You have sales representatives spending time with customers trying to sell a product. Your data shows the time in minutes the rep spends with a customer, and whether or not the customer buys a product. Here are the data for 24 customers. On the chart, the x-axis shows the minutes spent with the customer and the y-axis shows whether the customer bought the product, one, or didn't, zero. This is a scatterplot, and you like to create some kind of regression model that shows the relationship between the two variables. What you're looking for is the estimated probability of selling a product depending on how much time the sales rep spends with a customer. And this is the province of logistic regression. It's the analysis to use when you have a numerical independent variable, like minutes, in this case, and a binary dependent variable, like outcome, buy versus not buy. Intuition might tell you that the function would look something like…
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