A beginner’s guide to Gretl using Simple Linear Regression
Analysis forms a subset of operations that can be performed on data. A data analyst is often required to know at least one programming language that could help in the analysis related tasks such as dummying the variables, plotting the points, or even defining new variables. But if we strictly follow this trend, what about the people who look forward to a career in the field of data analysis but don’t have a background in programming at all? This is the time to break the trend and adopt something, that will not only reduce your burden of coding but also save you a lot of hassle in visualizing your data.
Gretl stands for Gnu Regression, Econometrics and Time-series Library. It is a statistical package used mainly for econometrics and provides both graphical and user interface. In this article, we will learn how to build a simple linear regression model using Gretl. Let’s get started.
Simple Linear Regression
It is a statistical technique for identifying the relationship between a single independent variable and a dependent variable. The equation for simple linear regression is given as:
Y= a+b^X where a and b are the coefficients, Y is the dependent variable and X is the independent variable.
