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Essentials of Statistics for the B...

8th Edition
Frederick J Gravetter + 1 other
ISBN: 9781133956570

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BuyFindarrow_forward

Essentials of Statistics for the B...

8th Edition
Frederick J Gravetter + 1 other
ISBN: 9781133956570
Textbook Problem

The regression equation is intended to be the “best fitting” straight line for a set of data. What is the criterion for “best fitting”?

To determine

To explain: The criteria for best fitting of a data set.

Explanation

Justification:

For explaining the linear relationship between two variables, the straight line is very useful.

The Statistical tools use for fitting the best straight line is called regression and fitted straight line is called regression line of the data set.

Regression is used to fit best line for the data set. It is possible to fit lots of different line passing through the centre. The main problem is to find which fitted line is best among them. The criteria is to fit best straight line is minimised the sum of the prediction errors.

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