Concept of ordinary least square technique of forecasting

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What is the main concept of Ordinary Least Square (OLS) technique of forecasting?

It estimates the parameters of a line which minimizes the sum of squared errors.

It estimates the parameters of a line which minimizes the t-statistics of coefficients.

It estimates the parameters of a line which maximizes the sum of squared errors.

It estimates the parameters of a line which minimizes the value of R-square.

Reference no: EM131182649

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