To compute the least squares fit to a straight line, the goal is to minimize the sum of the squared deviations between the observed values and the values predicted by the line. This involves taking the partial derivatives of the sum of squared deviations with respect to the slope (a) and intercept (b), setting them to zero, and solving the resulting equations. The equations yield the relationships necessary to find the values of a and b based on the given data points. After determining the line's equation, it can be plotted by calculating two points and connecting them. Additionally, there is a query about calculating a specific value (g) from the slope, indicating further exploration of the relationship between slope and other variables.