What are some real-world applications of regression analysis?

What are some real-world applications of regression analysis?

Regression analysis is widely used in various fields. For instance, in finance, it's used to predict stock prices based on historical data.

Can you give me more examples in healthcare?

Sure! In healthcare, regression is used to analyze the relationship between patient characteristics and treatment outcomes, helping to improve patient care.

How about in marketing?

In marketing, regression analysis helps businesses understand the impact of different marketing strategies on sales, allowing for better decision-making.

What about in environmental science?

In environmental science, regression is used to model the relationship between pollution levels and health outcomes, aiding in policy-making.

Are there any limitations to regression analysis?

Yes, regression analysis assumes a linear relationship and can be affected by outliers, which may lead to misleading results.