Statistical Data Analytics In Excel – Section D: Setting Bounds (Constructing Prediction Intervals) for Regression
Now that you know how to run regression in an audit context, learn how to build statistical bounds and add benchmarks to your analysis. Why do this? Eliminate the need for judgment calls or grey areas by statistically defining outliers and being able to put some math into your conclusions. When was the last time you could start your report with the words “I am 95% confident that… “.
Pre-requisite knowledge: It is assumed you are familiar with the concepts of Section C before completing this section.
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