Final answer:
Regression analysis is the method used to predict the value of one variable based on another, utilizing the correlation coefficient and regression equation to establish the relationship and make predictions.
Step-by-step explanation:
The method of obtaining a prediction for the value of one variable about another variable is called regression analysis. This method is used to determine the strength and direction of the relationship between a dependent (effect) variable and one or more independent (cause) variables. The correlation coefficient is a number from -1 to +1 that indicates the strength and direction of this relationship, and in regression analysis, a line of best fit is calculated to predict the value of the dependent variable based on the independent variable(s).
To determine whether the relationship between variables is statistically significant, a hypothesis test is performed, typically testing the null hypothesis that there is no correlation (correlation coefficient equals zero). If the correlation is significant, we can make predictions using the regression equation for the line of best fit. Regression analysis is frequently used in various fields, including geography, to analyze the effect of multiple variables on a particular outcome.