The best fit line may or may not pass through all the given data points. Paper & Pencil Solution is one of the methods to find the line of best fit.
Least Square Method
The least-square method is a more accurate way of finding the line of best fit. Use the following steps to find out the equation of the best fit line for a set of data points (x1,y1),(x2,y2)...(xn,yn).
1. Calculate the mean of x values and y values using the formula:

2. Find the slope of the best fit line using the formula:

3. Find the y-intercept of the line using the formula:
4. Write the equation of the best fit line using slope and the y-intercept.

Conclusion
The least Square method is the most popular method to find the best fit line.
Make sure to practice it more until you feel confident about this topic as it is used heavily in future classes.
Did you know that this best fit line is the core concept of the Machine learning algorithm called Linear Regression?
If not, now you know the basic concept of one ML algorithm as well, make sure to tell your friends that!
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FAQs
What is data?
Data is a collection of facts and statistics for analysis.
How do you differentiate between data and information?
Data is a collection of facts. Whereas, information is how you understand those facts.
What are the ways to represent data?
Data can be represented using graphs, tables and charts.
What are the different types of graphs?
Various types of graphs are:
- bar graph
- line graph
- pictograph etc.
What is best fit line?
The best fit line is a line which best represents the relationship between a scatter plot of data points.
What is meant by line fitting?
Line fitting is the process of constructing a best fit line.
What is the use of best fit line?
The best fit line helps us to predict future values.