What Do We Mean When We Say That a Simple

question 97

Multiple Choice

What do we mean when we say that a simple linear regression model is "statistically" useful?

• A) All the statistics computed from the sample make sense.
• B) The model is an excellent predictor of Y.
• C) The model is "practically" useful for predicting Y.
• D) The model is a better predictor of Y than the sample mean, .

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Definitions:

Cognitive Biases

Systematic patterns of deviation from norm or rationality in judgment, causing illogical conclusions or decision making.

Heuristics

Simple, efficient rules or methods used to form judgments and make decisions, based on limited and often personal data, rather than exhaustive analysis.

Deliberative Processes

A method of collective decision-making in which participants engage in careful discussion and consideration of issues, options, and their implications before reaching a decision.

Human-Brain Activity

The processes and functions of the brain, including cognitive and neurological activities, that enable consciousness, perception, thinking, judgement, and memory.