Question

Think of a problem dealing with two possibly related variables (Y and X) that you may be interested in. Share your problem and discuss why a regression analysis could be appropriate for this problem.

Specifically, what statistical questions are you asking? Why would you want to predict the value of Y? What if you wanted to predict a value of Y that’s beyond the highest value of X (for example if X is time and you want to forecast Y in the future)?

Answer 1

Given that,

1)

Suppose rainfall and crop production be two variables and they are related. So we want to measure at which extend they are related that is how one unit increase in rainfall will affect crop production.For that we need to regression.

2)

As Y variable is dependent an X, by taking help of X we can have an idea for Y in future. In this case we have the information about rainfall. So using that information we can predict crop production which will help the farmers to plan their income expenditure and it has also another impact also.

3)

We can collect some time series data that can help in predicting Y for future that means some data is dependent on time should be collected. For that lags should be considered and there are time series models for prediction.