STATISTICAL TECHNIQUES AND TOOLS
REGRESSION
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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What is a best-fit line used for?
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To make predictions
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To make the graph look pretty
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To connect the points
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To make it look like you know what you are doing
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Explanation:
Detailed explanation-1: -The line of best fit is used to express a relationship in a scatter plot of different data points. It is an output of regression analysis and can be used as a prediction tool for indicators and price movements.
Detailed explanation-2: -A line of best fit, also called a trend line or linear regression, is a straight line drawn on a graph that best represents the data on a plot. This line passes through some of the points, all of the points, or none of the points. It can be used to make predictions or to show trends in data.
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