1. What are residuals? 2. Describe what you can learn by analyzing the residuals. 3. Explain the...
Question:
1. What are residuals?
2. Describe what you can learn by analyzing the residuals.
3. Explain the term standard error of the estimate.
4. What is the coefficient of determination and what does it tell us?
5. What is the difference between R2 and adjusted R2?
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Residuals refer to the differences between the observed values and the predicted values in a statistical or regression model In other words they represent the vertical distances between the actual dat...View the full answer
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Related Book For 
Business Statistics For Contemporary Decision Making
ISBN: 9781119577621
3rd Canadian Edition
Authors: Ken Black, Ignacio Castillo
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