Regression is an Analysis Tool, which we use for analyzing large amounts of data and making forecasts and predictions in Microsoft Excel 2010.
The Regression function is part of Add INS in Microsoft Excel 2010 and 2013.
To access this tool, click on Data Tab, click on Data Analysis in the Analysis group. If the Data Analysis command is not available then you need to load the Analysis Toolpak.
To load and activate the Analysis Toolpak follow below mentioned steps:-
Let’s come back to the topic, we have cost data to month wise Service calls. Column A Contains Month, Column B contains Number of Calls, and Column C contains Cost of calls.
To use the Regression Tool follow below mentioned steps:-
R square equals 0.247. 24% of variation in cost of calls.
Significance F and P-Values
To check if the result isdependable (statistically significant), look at implication F (0.001). If the value is less than 0.05, this is ok. If implicationF is greater than 0.05, it’s probably better to stop using the set of self-determining variables. Delete a variable with a high P-Value (greater than 0.05) and return the decline until implication F drop below 0.05.
Coefficients: -You can use Coefficient for forecasting.
The Residuals show you how far away the actual data points are from the predicted data points (using the equation). For example the first data point equals 58752. The residual is giving 58752-68245.897 = -9493.898
This is all about the Regression Tools in Microsoft Excel 2010 and 2013.
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