What are the best practices for using regression analysis?

What are the best practices for using regression analysis?

When using regression analysis, it's important to ensure your data is clean, check for multicollinearity, and validate your model.

How do I check for multicollinearity?

You can check for multicollinearity using Variance Inflation Factor (VIF) or by examining correlation matrices.

What should I do if I find multicollinearity?

If you find multicollinearity, consider removing or combining correlated variables, or using techniques like ridge regression.

Can you explain how to validate my regression model?

To validate your regression model, you can use techniques like cross-validation, checking residuals, and assessing R-squared values.