What is regression analysis? One of the most useful forms of data analysis that Excel offers is a regression analysis, and regression analysis, you explore the relationship between two sets of values to determine Association. You could use a regression analysis to determine things such as our advertising expenditures associated with sales is cigarette smoking associated with heart disease. This exercise associated with lifespan. Often, the first step in any regression analysis, is to create a scatterplot, which lets you visually explore the association between two sets of values in Excel. You do this by using an XY scatter chart.