Regression is a statistical method used to identify relationships between data by translating trends into a mathematical model.
Interpolation is used to estimate missing values within a known data range, while extrapolation predicts values outside the existing data range.
Interpolation is more reliable as it remains within the range of known data, whereas extrapolation carries more uncertainty.
The choice between interpolation and extrapolation depends on the nature and distribution of the data, with various methods available for different scenarios.