What Are "Outliers" and What Effect Does Their Presence Have

question 48

Essay

What are "outliers" and what effect does their presence have when using regression analysis for cost estimation?

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Definitions:

State Industries

Industries that are owned, operated, or controlled by the government.

Profit-Focused

Refers to strategies or actions of a business that are primarily aimed at increasing its profits.

Direct Foreign Investment

Funding provided by an individual or a company based in one country to start or acquire business operations and assets in another country.

GDP

Gross Domestic Product, a measure of the economic performance of a country, calculated by adding up all market values of goods and services produced within the country in a year.