Given the rigid requirements of running a business operation, the ability to correlate data is very critical. An example of how useful Multiple Regression Analysis could be can be seen in determining the compensation of an employee.
Following the Y and X components of this specific operation, the dependent variable (Y) is the salary while independent variables (X) may include: scope of responsibility, work experience, seniority, and education, among others. By matching the Y to the X, then the salary can be determined in a very objective manner.
Another use of Multiple Regression Analysis for business purposes can be gleaned for a real estate agent. Again, the dependent (Y) is the price of the house. On the other hand, the independent (X) variables point to the different factors that could affect the listing price of the Y variable.
The price can be correlated to various elements, such as the size, neighborhood, and other subjective ratings of the property for sale. That way, a fair amount can be duly attributed to a certain item, not simply mere estimation of its market value.