Statistics Models Simplified

These flashcards cover key concepts related to statistical models, including definitions, equations, and criteria for evaluating model quality.

What is a stats model?

A way of describing how one thing relates to another.

What does the equation 'Happiness = b + b x income + error' represent?

It describes a model predicting happiness based on income.

What does 'b' represent in a stats model?

'b' represents the intercept, which is where the line starts.

What is the slope in a stats model?

The slope (b) indicates how much happiness changes for every extra unit of income.

What is 'error' in a stats model?

Error accounts for everything that affects happiness not included in the model, like friendship and sleep.

What is the General Linear Model (GLM)?

A broad framework that includes various statistical methods like regression, t-tests, ANOVA, and correlation.

What does the equation 'Y = b + b X + error' signify?

It expresses the underlying structure shared by different statistical models.

Why does the error matter in a model?

Error indicates the deviation of reality from the model; small error suggests a good model, while large error indicates a bad model.

What is the least squares method in fitting a model?

A technique in which the line is found by minimizing the sum of squared errors between predicted and actual data points.

What are the three checks for a good model?

R (variation explained), p-value for b (statistical significance), residuals (randomness of leftover errors).