Question

Think of a problem dealing with two possibly related variables (Y and X) that you may be interested in. Share your problem and discuss why a regression analysis could be appropriate for this problem. Specifically, what statistical questions are you asking? Why would you want to predict the value of Y? What if you wanted to predict a value of Y that’s beyond the highest value of X (for example if X is time and you want to forecast Y in the future)?

Answer 1

Explained below.

Explanation:

Consider the variables height and weight.

It is usually seen that taller people are heavier than shorter people.

So a regression analysis can be used to specify this belief.

The statistical questions that are being asked here are:

• What the independent and dependent variables?
• Are there any other factor influencing the dependent variable other than the independent variable?

The variable Y is considered as the dependent variable and the variable Y is considered as the independent variable. And the main purpose of the regression analysis is to predict the value of Y when the value of X is given.

The linear regression model can be used to predict the past and future value of the dependent variables provided that the independent variables for those times are provided.