Regression analysis is a statistical tool used to predict the relationship between variables. Simple regression involves one independent and one dependent variable, while multiple regression has more than one independent variable. A scatter plot visually depicts the relationship between variables. Regression finds the line of best fit that minimizes the residuals between data points and the line. The correlation coefficient measures the strength and direction of association between variables. Advantages of regression include prediction of outcomes, while disadvantages include overfitting and incorrect assumptions.