Intro to Business Analytics
Multinomial logistic regression is a statistical method used for predicting the outcome of a categorical dependent variable that has more than two levels. Unlike binary logistic regression, which is limited to two possible outcomes, this technique enables analysts to model scenarios where the dependent variable can take on multiple values, such as different categories or groups. This method is particularly useful in situations where you want to analyze relationships between one or more independent variables and a dependent variable with several categories.
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