Hey all -
I've been reading a book by Wayne Winston titled, "Marketing Analytics" and one of his chapters discusses using regression through solver when you have more than 15 independent variables. Basically, solver can estimate the coefficients of up to 200 independent variables when you apply solver to minimize the sum of squared errors. Below is the example from the book (open up solver to see what he was doing):
https://expirebox.com/download/0dd08...2c1d7c4b9.html
I wanted to take his example and apply it to my own work problem (my #'s have been randomized for privacy purposes). See below for my work problem:
https://expirebox.com/download/ae12e...7f81d2b62.html
I'm trying to forecast menu item branded purchase intent (which can be anything from 0 - 1) from item type and a metric called value. I've set up my Excel sheet nearly identical to the example from the book, but I'm receiving an error that says the problem is "too big" for solver to handle.
This doesn't make sense to me because I'm using 20 variables for item type + 1 other metric (value) for a total of 21 variables. I think the error is showing up because I've forced menu item branded purchase intent to be between 0 and 1.
Anyone have any solutions/ideas for how my work problem could be fixed to derive a solution similar to the example from the book?
Much appreciated!
EDIT: One error I noticed on the constraints: branded purchase intent should also be >= 0 along with being <= 1.
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