Assessing the "Goodness" of a Regression Line Involves Considering Several

question 2

Essay

Assessing the "goodness" of a regression line involves considering several aspects ofthe fit. Consider the characteristics below. How does each contribute to anassessment of fit?
That is, for each characteristic, what about the given characteristicwould indicate that the regression line is "good"?
a) The shape of the scatter plotb) The correlation coefficientc) The standard deviation of the residualsd) The coefficient of determination

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Definitions:

Significance Level

A threshold within which the p-value of a hypothesis test must fall for the result to be deemed statistically significant, typically set at 0.05 or 5%.

Test Power

The likelihood that a statistical test will correctly reject a false null hypothesis, identifying an effect when it is present.

Level of Significance

The threshold used in statistical hypothesis testing to decide whether to reject the null hypothesis, typically denoted by alpha (α) and set prior to conducting a test.

Measure of Performance

A metric used to evaluate the effectiveness, efficiency, or quality of a procedure, process, or activity.