Regression Analysis

Statistics 101


<h3>What is it?</h3>
Regression is a statistical method that determines the strength and character of the relationship between one dependent variable (Y) and one or more other variables (independent variables).
<h3>What does it do?</h3>
Using a dataset, a mathematical equation that best fits the data is created, which indicates the nature of the relationship of one variable with one or more others. In linear regression for example, the regression coefficient that is in the equation tells you if the relationship is positive or negative and what the slope of the line is. The slope of the line indicates the change in the dependent variable (Y) for one unit change in the independent variable (X). 
<h3>Useful to know</h3>
Regression studies a group of variables, which are all believed to predict Y, and tries to find a mathematical relationship between them. Therefore, it can be used to predict future values of a dependent variable when the value of (an) independent variable(s) is known.

May 3, 2021

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