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Sam was called in to meet with his boss, Tricia. He was afraid he was going to be fired for the mistake he had made dealing with an important customer of the store. Instead, Tricia explained that he had handled the situation well, listening to the customer and finding a fair solution. Tricia commented, "Even more importantly, working the way you did to correct the error could result in __________."
Error Variable
The difference between observed and predicted values in a statistical model, representing unexplained or random variability.
Regression Analysis
A statistical method for modelling the relationship between a dependent variable and one or more independent variables.
Error Variable
A random variable that represents the difference between a predicted value and the observed actual value in statistical models.
Pearson Coefficient
A statistic that quantifies the linear relationship between two datasets, reflecting the degree to which they move together.
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