STAT151 Chapter Notes - Chapter 7: Standard Deviation, Scatter Plot
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STAT151 Full Course Notes
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Gives the equaion of a straight line through the data. Esimaing the observed value y from a model. The diference between the observed response and it"s associated predicted value (it tells us how far of the model"s predicion is for that point) The sum of all residuals is always = 0. The sum of the squared residuals indicated how well the line its the data. A negaive residual means that the predicted value is too big. A posiive residual means that the predicted value was too small. The line for which the sum of the squared residuals is smallest (hence called the least squares line) ^y=b 0+ b1 x b1=slope of theline ; b0= y intercept. To ind the slope : b1=r ( s y sx. *the sign of the slope is always the same as the sign of the correlaion (r) To ind the intercept: b0= y b 1 x.