What are some real-world applications of linear regression?
An example of an AI chatbot conversation about linear regression applications.
What are some real-world applications of linear regression?
Linear regression is widely used in various fields. For example, in finance, it's used to predict stock prices based on historical data.
Can you give me more examples in healthcare?
Sure! In healthcare, linear regression can help predict patient outcomes based on treatment variables, like dosage and age.
How about in marketing?
In marketing, linear regression is used to analyze the relationship between advertising spend and sales revenue, helping to optimize budgets.
What about its use in real estate?
In real estate, linear regression can estimate property values based on features like location, size, and number of bedrooms.
Are there any limitations to using linear regression?
Yes, linear regression assumes a linear relationship and can be sensitive to outliers, which may affect the accuracy of predictions.
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