BUSINESS ADMINISTRATION
BUSINESS ANALYTICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A procedure for using sample data to find the estimated regression equation is ____
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point estimation
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interval estimation
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the least squares method
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extrapolation
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Explanation:
Detailed explanation-1: -The least squares method is the most widely used procedure for developing estimates of the model parameters. For simple linear regression, the least squares estimates of the model parameters 0 and 1 are denoted b0 and b1. Using these estimates, an estimated regression equation is constructed: ลท = b0 + b1x .
Detailed explanation-2: -The least squares method is a statistical procedure to find the best fit for a set of data points by minimizing the sum of the offsets or residuals of points from the plotted curve. Least squares regression is used to predict the behavior of dependent variables.
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