In: Statistics and Probability
What is the use of regression analysis (Please support your answer with suitable example)?
Regression Analysis:
Regression analysis is a set of statistical methods used for the estimation of relationships between a dependent variable and one or more independent variables. It can be utilized to assess the strength of the relationship between variables and for modeling the future relationship between them.
Uses:
Regression analysis is used in stats to find trends in data. For
example, you might guess that there’s a connection between how much
you eat and how much you weigh; regression analysis can help you
quantify that. Regression analysis will provide you with an
equation for a graph so that you can make predictions about your
data. For example, if you’ve been putting on weight over the last
few years, it can predict how much you’ll weigh in ten years time
if you continue to put on weight at the same rate. It will also
give you a slew of statistics (including a p-value and a
correlation coefficient) to tell you how accurate your model is.
Most elementary stats courses cover very basic techniques, like
making scatter plots and performing linear regression. However, you
may come across more advanced techniques like multiple
regression.