Many statistical textbooks define regression analysis as a statistical tool that is used mainly for description or prediction. Based on this statement, provide two examples of an application or applications using regression analysis for decision-making—one for description and one for prediction.
Many statistical textbooks define regression analysis as a statistical tool that is used mainly for description or prediction. Based on this statement, provide two examples of an application or applications using regression analysis for decision-making—one for description and one for prediction.
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter4: Equations Of Linear Functions
Section: Chapter Questions
Problem 2SGR
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- Many statistical textbooks define
regression analysis as a statistical tool that is used mainly for description or prediction. Based on this statement, provide two examples of an application or applications using regression analysis for decision-making—one for description and one for prediction.
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Introduction :
Regression analysis is a statistical tool that plays an important role in decision-making by providing insights into relationships between variables and making predictions. Regression analysis is used for both description and prediction purposes, with the primary difference being the purpose for which it is used. In this answer, we will provide two examples of applications of regression analysis in decision-making, one for description and one for prediction. These examples will help demonstrate the utility of regression analysis in a variety of contexts.
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