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Praxis Business Education Sample Test

1 of 5

The statistical technique that summarizes the points on a chart into an equation is which of the following?

Correct Answer:

regression

the correct answer to the question "the statistical technique that summarizes the points on a chart into an equation is which of the following?" is regression.

regression analysis is a powerful statistical method that allows you to examine the relationship between two or more variables of interest. while there are many types of regression analysis (linear, logistic, polynomial, etc.), they all share a common principle of fitting a line or curve that best represents the relationships between the variables in a dataset.

specifically, in the context of the question, regression helps in deducing a predictive equation from a scatter plot or any graphical representation of data. if you have a graph showing how different variables relate (e.g., sales and inventory levels), regression analysis can be used to create an equation that models this relationship mathematically. this equation can then be used to predict new values. for example, if you know the regression equation for inventory levels and sales, you can estimate the inventory needed for a future sales level not present in your historical data.

the process of regression analysis involves determining the line or curve that best fits the data points on the chart. this is typically done by minimizing the difference (or error) between the actual data points and the points predicted by the model – a method known as least squares.

therefore, when faced with a practical problem where you need to extend the insights from given data points to wider applications (like predicting future inventory needs based on past sales data), regression provides a systematic and statistically grounded method to achieve this, by summarizing the data points into an equation. this makes regression a crucial tool in fields ranging from finance to engineering, where making informed predictions based on historical data is essential.

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Praxis Business Education Aliases Test Name

Here is a list of alternative names used for this exam.

Praxis Business Education
Praxis Business Education test
Praxis Business Education Certification Test
Praxis
Praxis 5101
5101 test
Praxis Business Education (5101)
Business Education certification