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What advantages does using regression analysis have over the visual-fit method for determining cost functions?
Updated: 10/15/2025
Regression analysis offers several advantages over the visual-fit method for determining cost functions. Firstly, it provides a statistical framework that quantifies relationships between variables, allowing for more precise estimation of cost parameters and better predictions. Secondly, regression analysis can accommodate multiple variables and interactions, enhancing the model's robustness. Lastly, it includes metrics for assessing model fit and significance, helping to ensure the reliability and validity of the results.
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