Sadly, regression analysis data has nothing to do with going back through your former lives to discover why you’re screwing up your current one. That’s regression therapeutic analysis and that has a somewhat more comprehensible reasoning behind it than regression analysis data. But in one sense, they are both similar – both try to discover why things are the way they are. Then, based on why they are now, regression analysis data hopes to predict the future, or at least the future of a business or a scientific hypothesis.
Say you are a big business wanting to know why people aren’t buying your big cars anymore. One way to help you find out is through the use of data collection. In the definition of data collection, you basically get all of the information you can from a target group about very specific topics. They have to be specific topics otherwise you’ll be sorting through data until the cows come home.
So, you find out that people aren’t buying big cars for a wide variety of reasons. But which is the most important reason? Now, you have to find out what the relationship between big cars and the spending habits of your former reliable client base are. This is where regressive analysis data can come in handy. It can help show you the relationship between events that could happen in the future based on events that happened in the past.
Regression analysis data does this through the use of very complicated mathematical formulae. Good luck trying to figure these out if you are not a Statistics major or are in any way mathematically inclined. But that’s just a breeze compared to discovering what numbers you plug into the formulae.
Couldn’t You Just Use A Crystal Ball?
Using a crystal ball, tea leaves, Tarot cards or any other speculative device has a lot going for it. They can be uncannily accurate at giving you a glimpse of the future, but usually only about six months into the future. Beyond that time frame, things get really fuzzy. However, you do have to take years in order to trust yourself enough to use such a fortune telling device. Most modern day people do not have that time.
And so they turn to regression analysis specialists. Often, their line of business is called RA, interpolation, forecasting or even just Stats. Whatever they decide to call themselves, they wind up building a regression analysis data model (or formula) for you and work with you to determine what values get plugged into the formula. They then also help you interpret the results.