Assessing the Goodness of Fit of a Regression Line Involves

question 11

Essay

Assessing the goodness of fit of a regression line involves considering several things, and no single characteristic of data is sufficient for a good assessment. Consider the characteristics below. How does each contribute to an assessment of fit? That is, for each piece of information, what about it would indicate a "good" best-fit line?
a)The shape of the residual plot
b)The correlation coefficient
c)The demonstration of seriously influential points
d)The coefficient of determination

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Definitions:

Affiliation Goal

A personal or social objective that involves connecting, belonging, or being accepted by others.

Target Customer

A target customer is an individual or group that a business aims to reach with its products, services, and marketing efforts, typically characterized by shared demographics, interests, or needs.

Negative Affect

A state of feeling or mood characterized by negative emotions such as sadness, anxiety, or anger.

Transaction Quickly

The swift completion of a business deal or financial exchange, minimizing time and maximizing efficiency.