Fit of a regression equation to the data

Reference no: EM1396217

a. What terms describe the fit of a regression equation to the data? What is the practical use of the regression equation in the real world? Explain with some examples.

b. How would you explain the meaning of the correlation coefficient (r)? How or why it is a useful concept in real life? Explain with some examples.

c. What is the importance of the coefficient of determination (r2)? How do you identify outliers in your data? How do they impact your regression equation?

Reference no: EM1396217

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