"Your Software Can Really Reduce My Expenses by 15 Percent!

question 71

True/False

"Your software can really reduce my expenses by 15 percent!" squealed the buyer to the salesperson's proposal.This buyer reaction is an example of feedback.

---

Definitions:

Least Squares Regression

A method to determine the line of best fit by minimizing the sum of squares of the differences between observed and predicted values.

Predicted Value

The value forecasted using a statistical model or algorithm based on current or past data.

Coefficient Of Determination

A statistical metric, typically denoted as R², that measures the proportion of the variance for a dependent variable that's predicted from the independent variable(s) in a regression model.

SSE

Sum of Squared Errors, a measure used in statistical analysis to quantify the discrepancy between the data and an estimation model.