Regression analysis is a term used in statistical modeling to refer to the estimation of the relationship between different variables. Regression analysis is a statistical process which incorporates a wide range of analysis and modeling techniques for variables to ascertain the relationship between independent and dependent variables. Regression analysis is a very significant process that has lots of uses. It can be helpful in predicting the relationship between different independent and dependent variables and determining the causal of the relationships, form of the relationships or ascertaining which of the variables are closely related. Regression analysis can also help in determining how exactly the value of dependent variables change in case of any variation on the independent variable provided that the value of the independent variable is fixed. Regression analysis has models made up of the dependent variable (Y), independent variable (X) and unknown parameters (β). However, regression analysis involves certain assumptions that should be considered when using it.
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