When Do You Need Regression

When Do You Need Regression

Typically, you need regression to answer whether and how some phenomenon influences the other or how several variables are related. For example, you can use it to determine if and to what extent the experience or gender impact salaries.

Regression is also useful when you want to forecast a response using a new set of predictors. For example, you could try to predict electricity consumption of a household for the next hour given the outdoor temperature, time of day, and number of residents in that household.

Regression is used in many different fields: economy, computer science, social sciences, and so on. Its importance rises every day with the availability of large amounts of data and increased awareness of the practical value of data.