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The regression line should be drawn on the scatter diagram in such a way that when the squared values of the vertical distance from each plotted point to the line are added, the total amount will be the smallest possible amount. This criterion is called the Method of Least Squares.
Minimizing the sum of the squared differences of each value of Y from the regression line by the method of calculus, we arrive at two equations, called the normal equations:
Solving these equations simultaneously, and using equivalent expressions for and , we obtain the following formulae used to calculate the coefficients a and b in the regression line = = a + bX
E(Y|X = x) = a + bx
Mean Absolute Deviation To avoid the problem of positive and negative deviations canceling out each other, we can use the Mean Absolute Deviation which is given by
Andrews ‘Plots A graphical display of multivariate data in which an observation, x0 = [x1, x2, . . . , xq] is represented can be represented in the form of function A set
calculate variance and standard deviation of the following sample 12,22,32,13,12,23,34,52,56,23,44,32,11,11
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Explain the characteristics of business forecasting.
The Null Hypothesis - H0: The random errors will be normally distributed The Alternative Hypothesis - H1: The random errors are not normally distributed Reject H0: when P-v
Using log(x1), log(x2) and log(x3) as the predictors, do pair wise scatterplots of all pairs of variables (including the response) and comment (use the pairs function). Do you thin
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Calculation for Continuous Series or Grouped Data = where, m = mid-point of class =
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