Sunday, 10 July 2016

Advantages of regression analysis

¨      Regression analysis is most applied technique of statistical analysis and modeling.
¨      It is highly valuable in economic and business research.
¨      It helps in establishing a functional relationship between two or more variables.
¨      It predicts the value of dependent variable from values of independent variable.
¨      We can calculate coefficient of co relation and coefficient of determination with help of regression coefficient.
¨      It tells the nature of the relationships.
¨      It determines Model Building Procedure.
¨      It is used to determine dependent variable (y)
¨      It helps to determine potential independent variable (x)
¨      It helps to collect relevant data.
¨      It helps to hypothesize the model form.
¨      It helps to determine fitting the model.
¨      It gives diagnostic check test for significance.
¨      In regression analysis data used to describe relationship between variables that are measured on interval scale.
¨      It is easy to use and applies to many situations.

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