Development and Comparison of Regression Models Predicting Wine Quality using Excel - From a Profit Maximization Perspective

Wanling Xie; Shining Hu; Jincheng Ji; Qianqi Chen

doi:10.54254/2754-1169/6/20220140

Research Article

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Published on 27 April 2023

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Xie,W.;Hu,S.;Ji,J.;Chen,Q. (2023). Development and Comparison of Regression Models Predicting Wine Quality using Excel - From a Profit Maximization Perspective. Advances in Economics, Management and Political Sciences,6,33-42.

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Development and Comparison of Regression Models Predicting Wine Quality using Excel - From a Profit Maximization Perspective

Wanling Xie *^,1, Shining Hu ², Jincheng Ji ³, Qianqi Chen ⁴

¹ Economics and Management School, Wuhan University, Wuhan, 430071, China
² Ningbo University of Technology, Ningbo, 315211, China
³ College of Liberal Arts, University of Minnesota twin cities, Minneapolis,55455, United States
⁴ School of Science, University of Rensselaer Polytechnic Institute, Troy, 12180, US

* Author to whom correspondence should be addressed.

https://doi.org/10.54254/2754-1169/6/20220140

Abstract

Wine reviewers and the general public usually determine the quality of the wine. There is a great deal of subjec-tivity in such reviews and differences in the reviewers' preferences, making it difficult for the winery to obtain favorable information. This paper will use Excel to build a related model of chemical substances in wine and wine quality. Both linear and logistic regression is used in this article to predict wine quality. In addition, differ-ent from past literature that indicates the quality of red wine based on chemical substances, this paper creatively constructs a profit model based on predicting wine quality. It thus helps wine sellers to make model selections. All these can help producers understand how to make good wine and get higher profits.

Keywords

linear regression, logistic regression, wine quality, profit maximization

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References

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Data availability

The datasets used and/or analyzed during the current study will be available from the authors upon reasonable request.

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About volume

Volume title: Proceedings of the 2022 International Conference on Financial Technology and Business Analysis (ICFTBA 2022), Part 2

Conference website: http://www.icftba.org

ISBN：978-1-915371-23-2(Print) / 978-1-915371-24-9(Online)

Conference date: 16 December 2022

Editor：Javier Cifuentes-Faura, Canh Thien Dang

Series: Advances in Economics, Management and Political Sciences

Volume number: Vol.6

ISSN：2754-1169(Print) / 2754-1177(Online)

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