Must be at least 400 words Please Using Regression, we are able to create statis

Question

Must be at least 400 words Please

Using Regression, we are able to create statistical models to predict the future.

What future would you like to predict and what independent variables do you think might be helpful in creating a regression model that accurately predicts the future?

Must be at least 400 words Please

Using Regression, we are able to create statistical models to predict the future.

What future would you like to predict and what independent variables do you think might be helpful in creating a regression model that accurately predicts the future?

Explanation / Answer

In regression analysis, we concern two types of correlated variables.

The variable which is predicted or estimated, is known as dependent variable and the variable(s), which is(are) used to predict the dependent variable, is known as independent variable(s). So, regression model is a statistical tool to predict the futre value(s). In regression, a statistical model (also called regression model), is developed by using the mathematical relationship or function between the two types of variable. Let us consider two variables viz., price (P) and supply (S). We know that other conditions remaining same when the price of a commodity increases (decreases), the supply of it also increases (decreases). In this case, supply (S) is the independent variable and the price P is the dependent variable. Also, other conditions remaining same, when the supply S of a commodity increases (decreases), its price P decreases (increases). In this case, supply S is the independent variable and the price P is the dependent variable.

A regression model may be simple or multiple. In simple regression model, there are two variables - one is dependent and the other is independent variables. For example, price and supply of a certain commodities, which has already explained. On the other hand, a multiple regression model may have three or more variables - one is dependent variable and the others are independent variables. For example, a regression model three variables price (P), demand (D) and supply (S). If P is dependent variable, then D and S are independent variables. If D is dependent variable, then P and S are independent variables. Similarly, if S is dependent variable and the others two i.e., P and D are independent variables

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