Question: The ordinary least squares (OLS) procedure commonly used in regression produces a line of best fit for the data to which it is applied. How

The ordinary least squares (OLS) procedure commonly used in regression produces a line of “best fit” for the data to which it is applied. How would you define best fit in regression analysis? What is there about the procedure that guarantees a best fit to the data? What assumptions about the use of a regression technique are necessary to produce this result?

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The best way to define a best fit in regression analysis is with reference to an rsquared statistic ... View full answer

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