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What's the difference between trends and regression lines (linear and non-linear) which minimize the residual sum of squares?
A trend line is a straight line that represents the general direction or pattern of a data set. It is used to show the overall trend or direction of the data points.
A regression line is a straight line that best fits the data points in a scatter plot. It is used to predict the relationship between two variables and can help determine if there is a correlation between the two.
Trend lines show the overall trend of the data, while regression lines show the relationship between two variables. Additionally, trend lines are typically used for time series data, while regression lines can be used for any type of data.
No, trend lines and regression lines can have different slopes. A trend line is based on the overall trend of the data, while a regression line is based on the relationship between two variables.
Yes, both trend lines and regression lines can be used to make predictions. However, trend lines may be more accurate for predicting future trends, while regression lines may be more accurate for predicting the relationship between two variables.