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What Regression Analysis is: The method for approximating the relationship between different variables. Regression analysis describes the dependence of a variable on one or more explanatory variables. It assumes a causal effect between them and can thus be used to make predictions about the impact of changes to the explanatory variables.
What Regression Analysis is not: Correlation, which offers an estimate of the degree of association between two variables and does not describe the relationship between them.
Why Regression Analysis matters: Regression analysis can be used for forecasting purposes. For example, a company could look at the different sales prices of houses with varying square footage. Using regression analysis a company can estimate the selling price of a house simply by looking at the square footage.
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