What is a regression analysis?
1 Answer
Regression analysis is a statistical process for estimating the relationships among variables.
Explanation:
Regression analysis is a statistical process for estimating the relationships among variables.
It is a generic term for all methods attempting to fit a model to observed data in order to quantify the relationship between two groups of variables, where the focus is on the relationship between a dependent variable and one or more independent variables.
The relationship, however, may not be exact for all observed data points. Hence, very often, such analysis includes an error element introduced to account for all other factors.
The attempt is to arrive at a relation where deviation from it i.e. mean of the error should be close to zero and its standard deviation should be minimal.
