Explain Goodness of Fit and Talk About the Issue of Adding

question 1

Essay

Explain goodness of fit and talk about the issue of adding irrelevant variables into the model:

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Definitions:

Median Value

The middle number in a sorted list of numbers, effectively separating the higher half from the lower half.

Central Values

Fundamental beliefs or principles that are widely held or given primary importance in a society.

Entire Class

Refers to all members within a defined category or group, without exception.

Average

A statistical measure representing the central or typical value in a set of data, calculated as the sum divided by the count of numbers.