Homework SourseA procedure used to estimate the regression parameters b1 an
A procedure used to estimate the regression parameters b1 and b2, and to find the least squares line which provides the best approximation for the relationship between the explanatory variable x and the response variable Y is known as the:
a. regression analysis method
b. best squares method
c. least squares method
d. coefficient of determination method
e. prediction analysis method
SIDENOTE: (can you explain why it is the answer?)
Solution
A procedure used to estimate the regression parameters b1 and b2, and to find the least squares line which provides the best approximation for the relationship between the explanatory variable x and the response variable Y is known as the:
a. regression analysis method
b. best squares method
c. least squares method
d. coefficient of determination method
e. prediction analysis method
Answer c. least squares method
Least square regression is a method for finding a line that summarizes the relationship between the two variables. A mathematical procedure for finding the best-fitting line to a given set of points by minimizing the sum of the squares of the differences (\"the residuals\") of the points from the line. The sum of the squares of the differences is used instead of the differences absolute values because this allows the residuals to be treated as a continuous differentiable quantity.
