Explain the concept of a linear regression model using simple language.
A linear regression model is a type of statistical model that utilizes a line to calculate relationships between a particular set of data. It takes a line of best fit and then makes predictions based on the line. It is used to predict future outcomes by understanding the existing data.
A linear regression model is a statistical tool used to predict a future value based on past or present values. It is like drawing a straight line between past values and predicting where it will intersect the horizontal axis - the predicted future value. Linear regression models are used in numerous areas and are one of the most widely used statistics in data analysis.