Multicollinearity is the phenomenon where the independent variables or the predictors (in a Multiple Linear Regression) are correlated with each other.
Regression Analysis is a statistical tool that defines the relationship between two or more variables. It uses data on relevant variables to develop a prediction equation, or model. It generates an equation to describe the statistical relationship between one or more predictors and the response variable and to predict new observations.
An application-oriented question on the topic along with responses can be seen below. The best answer was provided by Mohamed Asif on 8th Aug 2020
Applause for all the respondents - Aritra Das Gupta, Mohamed Asif, Sourabh Nandi, Kanak Roy Chowdhury
Also review the answer provided by Mr Venugopal R, Benchmark Six Sigma's in-house expert.