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Question
Mention the uses of Regression Analysis.
Solution
Use of Regression Analysis:
- Regression means going back and it is a mathematical measure showing the average relationship between two variables.
- Both the variables may be random variables.
- It indicates the cause and effect relationship between the variables and establishes the functional relationship.
- Besides verification, it is used for the prediction of one value, in relation to the other given value.
- The regression coefficient is an absolute figure. If we know the value of the independent variable, we can find the value of the dependent variable.
- In regression, there is no such spurious regression.
- It has wider application, as it studies linear and nonlinear relationship between the variables.
- It is widely used for further mathematical treatment.
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