Before you start reading this unit, you should:
- Know the equation of a straight line
- Know the basic ideas of graphs
After going through this unit, you would be able to:
- Estimate the value of a random variable (the dependent variable) given that the value of an associated variable (the independent variable) is known
- Use the least squares estimating equation to predict future values of the dependent variable
- Learn limitations of regression
- Use the least squares method to calculate the equation of a regression line for a given set of data
- Understand the assumptions under which the regression analysis is carried out
- Evaluate as to how good the regression is?
Let us first understand ...