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We will also try to find the line that best fits the data i.e. the line that passes close to most of the data points. This line is
called the ‘Line of Best Fit’ or ‘Regression Line’.
Let us find the m (slope) and b (y-intercept) that suit that data:
y = mx + b + e
To add the regression line and display the equation on the chart, follow the given steps:

Step 1 Type the given data in Excel.
Step 2 Select the data range for the chart.
Step 3 Click on Insert Tab Æ Insert Scatter (X,Y) or Bubble Chart button Æ Select the Scatter option.

You will get a scatter plot as follows:

Step 4 Click on Add Chart Element button Æ Trendline option Æ Linear option to add the regression line.

Data Modelling and Simple Linear Regression 247