Residuals and Correlation

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Statistics

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7 Terms

1
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Ideal prediction of y from x

Linear Relationship

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Statistical method fitting a line to data

Linear Regression

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y = β0 + β1x + ε, with parameters β0, β1

Regression Model

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Leftover variation after model fit

Residuals

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Absolute distance of an observation from regression

Magnitude of Residuals

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Visual evaluation of model fit using residuals

Residual Plot

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Strength of a linear relationship between variables, calculated R = 1/(n-1) * sum[(xi - x̄)/sx * (yi - ȳ)/sy]. A value of -1 or 1 reflects a perfect linear relationship.

Correlation