Do you think regression should be used to answer sensitive problems, where a wrong decision incurs great risk? How strong of a correlation do you think is enough for us to feel a certain decision is viable? Can Statistics ever provide certainty for us in decision making?
While regression analysis can be a valuable tool for analyzing data and making predictions, it should not be the only method used for making decisions in sensitive situations where the stakes are high. It is important to consider all factors involved and seek input from experts in the field before making a final decision.
The strength of correlation needed to make a decision can vary depending on the specific situation. Generally, a stronger correlation (closer to 1 or -1) indicates a more reliable relationship between variables, but it is also important to consider other factors such as the sample size, potential confounding variables, and the context in which the data was collected.
Statistics can provide valuable insights and help inform decision making, but it can never provide absolute certainty. There is always a degree of uncertainty and risk involved in decision making, and it is important to acknowledge and account for this uncertainty when using statistical analysis. It is important to combine statistical analysis with other sources of information, expert judgment, and common sense in order to make well-informed decisions.