Residuals and Correlation
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Last updated 7:41 PM on 4/28/24
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7 Terms
1
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Ideal prediction of y from x
Linear Relationship
2
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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
