Examlex
What is a statistical process that finds the way to make a design, system, or decision as effective as possible, for example, finding the values of controllable variables that determine maximal productivity or minimal waste?
Residuals
The differences between observed values and the values predicted by a model.
Confidence Interval
An aggregate of values, concluded from statistical review of samples, assumed to likely house the unknowable value of a population parameter.
Prediction Interval
A range of values that is likely to include the value of an unknown parameter for a future observation with a specified probability.
Heteroscedasticity
A condition in regression analysis where the variance of errors or the variability of a dependent variable is unequal across all levels of an independent variable.
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