STAB22H3 Chapter Notes - Chapter 8: Dependent And Independent Variables, Regression Analysis, Standard Deviation

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8 Apr 2013
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STAB22H3 Full Course Notes
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STAB22H3 Full Course Notes
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A relationship can be modelled with a line and the equation of that line, which will allow us to predict the value of a variable, given a value of the related variable. Linear model an equation of a straight line through the data. A straight line can summarize the general pattern with only a couple of parameters. Predicted value/fitted value/fit (y-hat) the estimate made from a model; distinguished from the true value of y (y) To assess a line of best fit, square all of the residuals so that the values are all positive. Squaring emphasizes large residuals (as we are more concerned with points far from the line, than those close to the line) The smaller the sum of the residuals, the better the fit. The line of best fit is the line for which the sum of the squared residuals is smallest; the least- squares line.

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