Address one of the following questions. 1. Describe the purpose of regression an

Question

Address one of the following questions.

1. Describe the purpose of regression analysis and four possible problems that can cause regression analysis to fail.

2. Compare the strengths and weakness of time series models as compared to regression analysis.

Then, please respond to a student who answered a different question than the one you addressed. Your answer should be 3-4 paragraphs (150-200 words). Responses to other students should be one paragraph (about 50-75 words). Repeating the question does not count as a paragraph.

Explanation / Answer

Answer(1): Regression analysis- It is a statistical term that analyzes the relationship between two or more variables. In this analysis, there are two variables, i.e. one is dependent and another is independent. This analysis shows how the value of dependent variable changes if a slight change in value of independent variable occurs. Dependent variable is denoted as "Y"and independent variable is denoted as "X". The dependent variable should be continuous in linear regression. With the help of regression analysis, we can know or estimate the value of one unknown variable by using another known variable.

Limitations/Problems of Regression Analysis- Are as following:

Answer(2): Time series Model- It is used in many areas. It deals with trend analysis. Time series analysis provide meaningful results by using a particular time series data.

Strength of Time series analysis- This analysis is more reliable than regression analysis as time series provides the data for a particular time like hourly, monthly, quarterly etc. It provides more accurate results.

Weakness of Time series analysis- True shape of distribution cannot be known peoprely and past data is not so reliable as present.

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