What is the use of the best fit line?
The best fit line is also called a regression line.
Answer: The best fit line helps us to predict future values.
The line of best fit is a line that best represents the relationship between a scatter plot of data points.
Various types of best fit line are-
- Linear Best Fit Line: The line of best fit is a straight line when data points appear to be in a straight line.
- Polynomial Best Fit Line: A polynomial best fit line has many curves and bumps. In the real world, data usually follows a polynomial trend.
- Exponential Best Fit Line: An exponential best fit line shows exponential growth. Example: rise in COVID-19 cases etc.
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).
First, calculate the mean values of x and y.
Then, with the help of these values calculate slope of the line m = (Σ (xi - X) (yi - Y)) / (xi - X)2
The best fit line equation will be b = Y - mX.
Therefore, the best fit line is used to predict future values.