Explain the Distinction Between Global and Local Variables

question 18

Short Answer

Explain the distinction between global and local variables.

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Definitions:

Perfect Prediction

A situation where a model or analysis predicts the outcome with 100% accuracy, with no errors.

Regression Equation

An equation that describes the line of best fit through a dataset, used to predict the outcome variable.

Regression Line

A line of best fit through a dataset, used to predict the value of a dependent variable based on the value of an independent variable.

Standard Error

An estimate of the standard deviation of a sampling distribution, often used in inferential statistics.