BUSINESS ADMINISTRATION
BUSINESS ANALYTICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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sum of squares due to regression (SSR)
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error term
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sum of squares due to error (SSE)
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residual
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Detailed explanation-1: -The standard error of the regression (S), also known as the standard error of the estimate, represents the average distance that the observed values fall from the regression line. Conveniently, it tells you how wrong the regression model is on average using the units of the response variable.
Detailed explanation-2: -The standard error of the estimate is a measure of the average deviation of the errors, the difference between the ^y-values predicted by the multiple regression model and the y-values in the sample. The standard error of the estimate for the regression model is the standard deviation of the errors/residuals.
Detailed explanation-3: -R-Squared is a statistical measure of fit that indicates how much variation of a dependent variable is explained by the independent variable(s) in a regression model.
Detailed explanation-4: -An error term represents the margin of error within a statistical model; it refers to the sum of the deviations within the regression line, which provides an explanation for the difference between the theoretical value of the model and the actual observed results.