In a short essay, define regression analysis and discuss at least four ways in which regression analysis can be used
What will be an ideal response?
Regression analysis is a powerful and flexible procedure for analyzing associative relationships between a metric-dependent variable and one or more independent variables. It can be used in the following ways.
a. Determine whether the independent variables explain a significant variation in the dependent variable: whether a relationship exists.
b. Determine how much of the variation in the dependent variable can be explained by the independent variables: strength of the relationship.
c. Determine the structure or form of the relationship: the mathematical equation relating the independent and dependent variables.
d. Predict the values of the dependent variable.
e. Control for other independent variables when evaluating the contributions of a specific variable or set of variables.
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