The formula might look a bit intimidating, but it’s actually straightforward to calculate in Excel. The formula to calculate the prediction interval for a given value x 0 is written as: Sometimes we’re interested in using this line of best fit to construct a prediction interval for a given value of x 0, which is an interval around the predicted value ŷ 0 such that there is a 95% probability that the real value of y in the population corresponding to x 0 is within this interval. x is the value of the predictor variable.ŷ is the predicted value of the response variable.When we conduct a simple linear regression, we obtain a “line of best fit” that describes the relationship between x and y, which can be written as: In statistics, simple linear regression is a technique we can use to quantify the relationship between a predictor variable, x, and a response variable, y.
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