Understanding Simple Linear Regression
Introduction: In the world of machine learning, predicting outcomes based on available data is a common challenge. Consider the scenario where a friend seeks your assistance in predicting the price of a new house in a particular locality. Without any information about the features of the houses, this task seems insurmountable. However, through the power of mathematics and regression, we can unravel the mystery behind house prices. In this blog, we will delve into the concept of Simple Linear Regression using an illustrative example to comprehend how this technique can help us predict the price of the next house. The Example: Imagine four colonies, each with its corresponding house price: h1 - 40 lakhs, h2 - 70 lakhs, h3 - 75 lakhs, and h4 - 30 lakhs. Our goal is to predict the price of the next house in h5. Initially, we lack any feature information for the houses, making prediction challenging. But fret not; regression comes to our rescue. Plotting the Graph: To understand the d...