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Residuals (errors of prediction) are essentially calculated as the difference between the actual value and the predicted value for the IV.
Environmental Scanning
The process of systematically gathering, analyzing, and integrating information about external trends and developments that could impact an organization's strategy.
Marketplace Trends
Predominant shifts or movements observed within a market or industry, influencing consumer behavior and business strategies.
Technological Environmental Force
External factors related to advancements in technology that can affect the operations and competitiveness of businesses within an industry.
Demographic Characteristics
Attributes of populations, such as age, race, gender, income, and education, used in market research and policy analysis.