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Regression analysis is used to predict how the change in one variable will change the value of another variable. In other words it's used to predict 1st year collge GPA based on the students SAT score.
In horse racing, for example, it could be used to predict a horse's time or speed figure (dependent variable) based on any other variable (independent variable). As can be imagined, any number of other dependent variables can be used such as previous speed figure(s), average class, etc. Any statistical software can do it. The trick is knowing what variable to use. It can also be used to calculate what percentage of the dependent variable (speed figure) is due to the effect of the independent variable. Since no one variable (handicapping factor) is wholey responsible for another dependent variable, there is also multiple regression analysis which shows what combination of independent variables can predict the dependent variable. Again the trick is to find what these variables are and how to weight them.
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