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An Example of Classification Would Be a Credit Card Company

question 11

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An example of classification would be a credit card company flagging a transaction as being approved or potentially being fraudulent and denying payment.


Definitions:

Coefficient Of Determination

A statistical measure that determines the proportion of variance in the dependent variable predictable from the independent variable(s).

Total SS

The total sum of squares in statistical analysis, representing the overall variation within a data set.

SSR

Sum of Squared Residuals; it represents the sum of the squared differences between the observed and predicted values in statistical analysis.

Degrees Of Freedom

The number of values in a calculation that are free to vary while estimating statistical parameters or testing hypotheses.

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